The high cost of putting mass in orbit is due in part to the fact that it is in fact expensive to safely put mass into orbit. Another factor is low demand, but the low demand is in part because of the expense. It’s not like anybody is being prohibited from launching their own space fleet.
One of the big costs is the vehicle itself. You use a rocket exactly once, and it’s gone. Imagine building a 747, flying it from New York to LA, and then throwing it away. It would cost a lot to ride on. Likewise, if you used Los Angeles Airport for eight flights a year, it would cost passengers quite a bit to keep it running. Same premise for rockets. Even the STS (Space Shuttle) isn’t completely reusable - the external tank is new for every flight (it burns up and the remnants land in the Indian Ocean). A completely reusable vehicle would cut costs a lot, but has other complications (like how to get the darn thing back down again), and is more expensive in other ways. Extra fuel is one big one. Another is, you almost have to have a crew on board, which costs in two ways - you have to pay the crew, and the vehicle has to be ‘man-rated’, i.e., safe to ride; you can afford to blow up a satellite, but look what happens when you blow up a schoolteacher.
Here are the figures for the STS (a.k.a. the Shuttle):
Marginal cost per STS flight - $45 million
Best case maximum payload - 24 990 kg (54 900 pounds)
Payload launch cost - $1 800 / kg ($820 / pound)
The marginal cost is the cost of adding or deleting a flight from the NASA schedule. This includes astronaut training, vehicle prep, fuel, etc. The actual cost is more like $200-300 million, which includes all the other costs such as salaries (astronauts’ and others’), site and launch pad upkeep, and sundries that I have no idea about. So a realistic estimate of what it ought to cost, assuming a price based on actual costs and a reasonable free-market markup, would be somewhere in the neighbourhood of $5,000-$6,000 per pound. I don’t know for sure though, I’m not a customer.
Let’s be clearer about the payload. This assumes you’re launching due east of Cape Canaveral (so a 28.5 degree inclination) to an altitude of 202 km (126 statute miles). Every extra km of altitude decreases your payload by 30 kg.
If you’re using Columbia, knock off another 3800 kg. Knock off even more if you want to orbit at a different inclination (call it 200 kg per degree, and more the higher you go). In order to be considerate, they cannot launch in orbits with inclinations exceeding 57 degrees (don’t want to crash into New York City if something goes wrong). If they launched from Vandenberg (I’m not sure they’re even capable of it any more), they can’t launch at an inclination less than 70 degrees; you probably don’t want to do that though, your payload drops to 10 000 kg or less. Oh, and subtract another 300 kg per person in excess of five. So it really does vary a bit.
Source for costs: Project Apollo mailing list
Source for payload: NASA and nauts.com (I checked the latter because the NASA page doesn’t have any data on Endeavour).
But, of course, even NASA has alternatives to the STS; they just aren’t as glamourous. Looking at NASA’s schedule, you can see that a lot of stuff is going up on Delta and Pegasus rockets, with a few Atlas, Taurus, Titan and Athenas mixed in.
If an independent company can launch your payload for cheaper, and as reliably, you can bet your bottom dollar that they will. You already have options - Arianespace for one, the Russians for another. And the Chinese are also getting into the act.