No it's not fantasy land - its simple economics and mathematics.
First off, it is getting close to the same amount, not quite the same amount which should be scary to everyone and is the main driver for my argument.
Lets do apples to apples then if you want.
NM annual non-refundable portion of the high quality elk draw is $82. They only hold onto the up front tag cost for about 2 months and its only about $2 in interest lost so lets just ignore that.
The unit I'm going to use is the one in my example - the tag I drew and then had the opportunity to buy a voucher for. In 2024, 6 NR drew this tag which was the allotted NR cap and there were 200 first choice applicants. Sorry
@Forkyfinder but I'm not quite so sure I'd call this a "very low end eplus tag" with only 6/200 draw odds. You can also go read my hunt recap if you want to see how great that elk hunt was.
At a 3% chance, the average person will take 34 years to get this tag. $82 x 34 years = $2788. Not quite the $3800 but its approaching and getting alarmingly close. I say this because all it takes is for that $82 application (which is honestly I think the lowest state out there to apply for elk?) to rise up to $112/year and it would match.