Hardware is hard. Consumer hardware is even worse.
As an ex ecommerce seller with years of experience manufacturing overseas, I can tell you dealing with suppliers, MOQs (minimum order quantities), quality control, cash flow and even LTV are tough.
Unlike SaaS where you build it once and sell again and again with almost no added costs, hardware requires cash. Manufacturing 10s or 100s of thousands of products requires massive upfront investments that most startups cannot afford.
And while every sale helps make up those margins, it is still nowhere near SaaS. Worst still is LTV (lifetime value of a customer). And like a one night stand, one and done isn’t efficient in the long run.