I'll agree that it's hard to beat a good steak, but morel mushrooms are a delicacy that only appear in the wild for a few weeks each year. Then they're gone. And they're not exactly easy to find, either. This is the only time you'll get to find them and eat them fresh for the whole year. And they are delicious when fried. Fresh crappie + morel mushrooms + cold beer = close to Heaven.
I wouldn't pay $50/lb myself, but a pound of mushrooms is actually quite a bit and there are people that will pay it.
Careful with the beer + morels. Might end up spending a day in the restroom.