[eddythompson80]

It's not a traditional "paid product" where you can reduce cost, increase efficiency and/or take advantage of economy of scale. There are foxed ICANN fees per domain, most registrar add a markup on that, sell ownership data, auction popular expired domains, squat good names, etc. Google Domains (and Cloudflare) main spiel is they sell domains at cost as they make their money else where. It was intentionally a business that was never meant to make money.

It wasn't "the cheapest registrar" because they didn't offer "signup deals", just like cloudflare. Other cheaper registrar offer a signup deal for $1 or $2 a domain (subtext: renews for $24 dollars the next year)