1) Their specs are not the same. different resistance, different sensitivity, different FR graphs, different THD measurements, different sine wave responses
2) Their drivers are NOT the same.
3) The HE400S has a more resonant body (lower quality plastic on 400S) and grill (plastic vs metal), this is why it's not quite as clear as the HE400i, most likely.
4) The HE400i isn't going to see a price drop unless the HE400S does too. The HE400i is very clearly positioned by HiFiMan as an upgrade, not just a different product line. It would make 0 sense whatsoever to make them cost the same, other than something like a very special black friday sale. Sure, they likely didn't sell them at a loss, but that doesn't mean much. Talking to some people from HiFiMan, fi they permanently sold the HE400i at $299, they wouldn't recoup the R&D costs. The thing costs less than $299 to make per unit in manufacturing costs, obviously, but the real cost is a fixed cost up front R&D cost.
5) If you're not interested in the HE400i at its normal price, and can't wait for a sale or buy used, that's EXACTLY THE REASON THE 400S exists! It's a great headphone. It's not the HE400i.
6) Companies do consider the price factor, heavily. They put in a ton of R&D, and want to make a decent profit. It's not like HiFiMan is making billions of dollars. They actually, IMHO, charge the fairest prices of any company in the world. I'd say the HE400i is a $799 headphone. I'd say the HE400s is a $399 headphone. I'd say the HE560 is a $999 headphone. Their summit-fi flagship stuff is crazy, but that's summit-fi.
7) Yeah, I get that these headphones are a luxury item. There was a long time in my life that I couldn't afford something like the HE400i. But there are a lot of great headphones, not on teh HE400i's level, obviously, but headphones that can make you perfectly happy, for a third of the price or less. I'd be perfectly fine if I could only afford a Grado SR60e. it's a cool little can. Of course the HE400i blows the doors off of it, but it's also a revolutionary technology that Fang has poured his whole life into, the SR60e has been basically the same for like 20 years.
8) If they cut their prices by the amount you are suggesting permanently, they'd have to slash their R&D budget. And we wouldn't get the breakthroughs in technology we get now. Fang puts jsut about everything HiFiMan earns back into R&D and it shows. This is an incredible headphone at an incredible price, even when it isn't on sale.