It's about application and market.
It's possible to make a large 200Mp sensor. But who needs that realistically at the consumer and commercial level? It will be expensive to make, so costly to sell, and really what's the application for most users?
Advertising is such a huge money engine right now, but more and more of the images for advertising are being served as tiny web-sized versions billions (or more) times every day across all platforms. You don't need a 12Mp or 18Mp or 24Mp sensor for that. Video is becoming more and more important for this too, as the ads are not just images anymore, but becoming video ads. Some of these are fairly good resolution, but again, intended viewing is still low resolution. No need for much more than 8~9Mp really for most of it, so 12Mp cameras are still way plenty for the application.
So where's the application for the 50Mp, 61Mp, 100Mp, or just go ahead and go for 200Mp sensor? Large print really. You can find niche uses (like someone saying they want to use it to do bird in flight and crop from a really wide FOV, well ok, but that's really not the application). But ultimately why would the manufacturer make these if they didn't have an actual market and not just a bunch of amateurs finding creative ways to use it, that's not what fuels this engine, the market for a large sum of pixels has purpose and its not the handful of casuals shooting 100Mp sensors for instagram portraits or travel life style influencer style images, etc.
But yes, big sensors are getting cheaper, more pixels are getting cheaper (and the quality of the pixel). Try buying a full frame camera back in 2,000. Now buy a full frame today. They're not even comparable with how good the sensor has evolved.
Eventually we will have incredible smaller sensors with really good pixels that do better than today's large sensors with good pixels that can nearly see in the dark and still produce high dynamic range. And it'll be cheap. It'll be in everyone's little side arm (read: phone). Just watch. That's where there's a huge market that is super competitive, unlike casual "photography" folk who want it in some dSLR form.
Very best,