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Characters in a fighting game are more involved than a simple model, as you need to create a moveset for that character (or three for the case of something like Mortal Kombat X, which is something a lot of people don't get) and then balance that character with the rest of the game (hopefully).

For something like Mario Kart 8, you simply have a character model that doesn't really do much, so there's not a lot of work (at least, not as much) being put into it. So, that's why fighting game character DLCs are usually set at $4-5, which I feel is not that bad of a price. Hell, it's better than some companies who release a quest/side mission or two in action/adventure games for that price.