True~ish. Farmers get subsidies in general, not just ranchers. But this is also Hamburger we are talking about. If the meatless patties were to replace the steak in a steak sandwich, they'd be more comparable in "price for function" comparison. The meat in hamburger patties is recovery from more expensive cuts and is basically designed to be cheap while the meatless patties are specifically designed to replace them.
It's like building a small fence with pallet wood vs. what you'd buy at a lowes or something. Neither is gonna be priced at the premium of a boutique lumber mill or restaurant, but their inception doesn't startvevenly.