It probably would have been if the modding community hadn't added so much value to the game.

but when I bought the bundle I got the whole GOG ES collection for $21 US

Well, it's the current Steam price, too. Like Rusty_Gunn said, Morrowind still has a large and active fan base, and a lot of value (mods, total conversions, etc) has been added to the game over the years - and still is (for example, the Tamriel Rebuilt project and similar activities).
Show me another game that can motivate you for so many hours!

Of course, you can wait for a special price action.

Link with proof: http://store.steampowered.com/app/22320/

Do note that Morrowind usually goes 75% off during the major Steam Sales, so I'd expect something similar to happen here.

And don't forget that prices are most likely coordinated with Bethesda, so to be fair (or maybe they are even binded by other agreements) they keep the same price here as they do on Steam. And like WingedKagouti said - if this is too much (it is for me...), wait for fall/winter sales. Although it's quite 'new' here, so rather winter, but the chances are it will get -75% discount. :) Vampire the Masquarade: Bloodlines? :D

It's far too expensive for me too. As one can get Gothic 2 - from around the same time and with much content (and many great mods) - for 9.99, I can't understand the enormous price difference here.

Possibly. I have played VTMB myself when it came out, but never felt the same excitement. So i haven't kept an eye on the community activites of VTMB.

The main reasons why I think Morrowind is different from all other games I know are twofold:
- For one, it's the Construction Set, which is a full-fledged game engine. Given some technical understanding, patience, and good ideas, everyone can create great games. And the community used and uses this tool quite extensively, to this day. Not only all kinds of Morrowind additions and enhancements were created, but also completely new games, with a playtime comparable with that of Morrowind itself (for example, Sword of The Perithia).
- Secondly, the vast openness and richness of Morrowind as a world, and as a roleplaying experience. For me, Morrowind is simply fun, even without any quests (including the main quest), and it plays really very differently for all races and classes. You can set your own goals and objectives, if you like.

As a result, Morrowind is the only game I have played for literally 100's of hours over the years, including add-on's and total conversions. I still do it today, and I still haven't managed to play and see everything I'm interested in.

Well, as you mentioned - Morrowind is an open world game, which is very appealing for people who want to creat their own story. No denaing the fact that devs gave out tools to mod the game however you want, which also is a big plus. The reason why I mentioned Bloodlines is simple - the community. VtM was released in 2004 and the last unofficial patch for this game, marked 9.3, is from 24.04.2015r. After 11 years there are still folks who fix the game or add new content to it. That's why I admire both communites, for their undying devotion.
Also... last official patch for VtM:B was 1.2... :D

Looks like I should give the Vampires game (and Redemption as well, I guess) another try! :-)

Surely it won't hurt, and if it's still not to your liking... you can always go back to Morrowind, no? :D

That's a good point, hadn't realized it's the same price as Steam. Still, it really should be dropped at this point.

Yeah... but what can we do? Like mentioned above - this is still leaving game, supported by the community. This... and probably some interior law things.

Digital prices have been a joke/rip off from the beginning, but people are too blinded by the fact that it`s oh-so-convenient to realize that. Before the broadband publishers were always bitchin about how shops and physical media are responsible for high prices...funny that when this was eliminated, the prices remained the same - or, hilariously, even higher! (compare some new releases for physical and digital and you will see)

So, the price is high simply because they can. In case of Morrowind, yes it`s an amazing title with countless hours of entertainment on offer - yet this should not affect the price whatsoever, especially seeing as it`s an old title. GoG and/or Bethesda are simply milking it.

Look it up on Amazon or elsewhere - brand new PHYSICAL copy for about 4.5 pounds (less than 10 bucks). I might buy it here on sale one day if it goes below 5 bucks just for that dreaded "convenience" but otherwise it`s just silly.

It's up to the (non-) buyer. It's the vendor's decision to tell the customer how much he intends to charge for a product, and it's the customer's decision to buy or not to buy. Nothing wrong with that. And it's not unlikely that you'll be able to get it cheaper during a special sale action within the next couple of months. It you can't wait, you'll have to pay the price asked.

Elder Scrolls is series with active marketing and development still going strong, whereas Gothic isn't. It really is as simple as that.