I don't see the point in getting this under $100 in this day and age unless they're trying to encourage people to throw them out every year and replace them-- better to just add more capability and lengthen the refresh cycle. Apple's USB-C to HDMI for Mac and iPad is $70-- not because it costs that to make, but because they don't see it as worth making, packaging, stocking, and shipping for less than that.
I think Apple sees this as their slow motion entrance into console gaming, they should focus on that-- give it a processor that does that job and keep building out their gaming APIs.