Indeed you are right...
The printers are sold at below cost because the printer companies (Lexmark pioneered this and have been the subject of much antitrust litigation in the US I believe) reckoned they could make fat profits on the consumables. It is a unsustainable model and is still being pushed onto the public.
No the hardware does not cost nearly nothing, it is pretty expensive. Some printers have some lovely processors in them, ARM9 amongst others. Those things are not so cheap! But yes, disposable printers it is. I knew someone who had a pile of printers in his house, he reckoned it was simply cheaper to buy a new printer each time... some of them was offered to me for bits to strip, which I did- I found the motors exceptionally useful in school projects for some kids I know.
Most of them will refuse to scan a document once the ink runs out. WTF? What has scanning got to with printing? Another clever ploy to get you to buy their 'Millionaire' ink or Toner.
Indeed

And that's why I have a stand-alone scanner.
The printer companies are aware of attempts to hack the printers, and some, like the EPSON one we have here at work, has an encrypted link between each ink cartridge, but someone hacked it anyhow and attached silicone hoses and ink tanks to the printer. The printer companies reckon the general public is very gullible and stupid.
For printing I use a run-of-the-mill laser printer that uses a cheap cartridge and we really get the mileage from it. Anything else gets sent off to the regular print shop. Now you know why these guys survived and are now doing great business again!