I think the people that charge more than £200 for a logo tend to do more than just give someone a logo after spending 1 to 5 hours on it.
Not saying one is any righter than the other and, as has been said before many times on other threads, it depends on what value you place on your logo/brand.
McDonald’s spend £200 every single minute* on developing and maintaining their brand, but that brand is valuable to them – it is the only way they can convince people to buy their shit food.
*Probably