I think it's a false comparison to say 80m per engine today.
When SLS was being architected 10+ years ago, I believe the idea was that the RS-25 engines would be cheaper, and there were spares around. Also there were no $1m engines, not even close. Perhaps there might have been a competitor for 1/2 the price, but would that be worth it over an engine that you already have flight ad maintenance experience with? Probably not, it's certainly not a convincing argument.
Lastly there weren't any Methane engines – both of the hottest engines in the market now (pardon the pun) are Methane based, the Raptor and BE-4, but the decision to use Hydrogen as the fuel for SLS was set in stone years ago and unrealistic to change.
Basically there weren't convincingly better options at the time the decision was made, and changing that decision now would mean basically going back to the drawing board on the entire rocket.