Just because you invest in it doesn't mean you end up with hugely cheap and scalable launch.

Europe has already invested far more in rocket then SpaceX did and isn't close.

If your capital efficiency is far lower, it might not be inexpensive. If you can get the scale because you don't have payloads, its going to be more expensive.

There is a incredibly long road between 'rocket can land' and 'cheap and scalable launch'. A long road most people don't see because its not as flashy as landing.