That's crazy, I might as well get a new hood w/ the correct paint to match my car, don't mind slight diff. in color due to age.
As far as I know, any new panel (from Toyota at least) will not be painted, but primed only.
Yeah, bodywork isn't cheap. It's mainly prep, sand, and paint and clearcoat supplies. Plus, taping off body panels if they do it with the hood on the vehicle so it can be blended will add to that.
In addition, a decent shop that knows how to blend (yes, there are plenty that don't) usually doesn't charge Maaco prices. Keep in mind, a lot of the cheaper prices you'll get are for single-stage paints without a clear or for a shop that uses your existing paint as the base layer and doesn't sand to make your finish even... I've seen plenty of cases where shops paint right over rock chips or have a failed finish because they didn't sand and prime the panel.
That, plus once it's painted and baked, any respectable shop will have to wetsand and buff any runs, dirt specks, or orange peel out of the finish.
I have 18 years of detailing experience including paint prep, and when I say a good paint job isn't cheap, it's not cheap.
Edit: added the fact that the type of finish contributes to cost as well, as most pearlescent finishes are either two or three stage paint jobs.