Why is Evernote so expensive?

I'm curious if anyone has any insight why the asking price for Evernote memberships is so high. (Specifically, regarding Evernote's costs.)

For text files, server fees are likely very low.

For a simple notes app, there shouldn't be too much dev.

So, is this because of bloat? Feature creep and lots of image support?

(If this is the case, maybe "Evernote basic" with restricted data and features would be welcome. I just want a notepad, online sync is nice, most other fancy features are super redundant. It seems like they're limiting the wrong feature set, for free users.)