In the same way an iphone can be good enough for your wedding photos?
These are high quality cameras, that have to work in large range of weather and lighting conditions. This cost might also include the software to OCR and store the details.
Correct, these work in inclement weather, in various lighting conditions, at high speeds (60 mph down the highway), and include computers that OCR, extract the plate number, match against a large database, and notify on a dashboard laptop if a hit occurs. They also often include multiple cameras (e.g. to capture cars parked on the left and the right of a street.)
One of these companies does in fact have an iPhone app that police officers can use to query a national database, but it can't scan 1800 plates per minute as you cruise down a highway.
Also note that they help local and state agencies obtain grant funding from federal sources, so I'm sure there's a bit of cost-cutting that could occur in a less bureaucratic and funded market. Also, these were like $30k 10 years ago, so prices are falling.
These are high quality cameras, that have to work in large range of weather and lighting conditions. This cost might also include the software to OCR and store the details.