Ishbia’s purchase of the Suns was approved in Feb. 2023. Since he’s relatively new as majority owner of the team, I’ll give him some benefit of the doubt and assume in this situation he is working to make things better with his position and either only recently became aware of the price issue or was only just now able to change it, rather than simply making the change now for optics. You can be cynical about those who set the prices before him.
Now Im not in the US so I dont know ticket prices but seats are seats, maintenance on the stadium is largely a fixed cost. Empty seats generate $0 in food and ticket revenue.
If you can reasonably predict that a family of 5 can go have a great time for $50 + tickets you are going to get families coming, making it a thing the family does regularly which also sells merch and jerseys and creates life long fans, which creates a franchise that pays off in the long term. Its good long term business thinking. Nobody is going to the Basketball because the Hotdogs are amazing, your selling the experience not the food.