I am sure that you can find many other entertainment content options that also cost significantly more than $5, especially among those available on the first day of theatrical release. Many of them also require you to get off your ass and go somewhere, rather than letting you enjoy your entertainment experience in bed, at home, on your tablet.
That doesn't make sense. Seeing it from home should be cheaper, since they don't need a huge cinema, lots of personel, cleaning people, rent, etc, etc. They just deal with server costs which a way lower.
So, yeah. $5. It costs that much because we think it's worth that much, and because we think that enough people will agree with that assessment to make this business financially viable. In a very real and tangible way "what people will pay" is very much "what something is worth", at least for dollars-and-cents pricing decisions.
P.S.: I'm funnier than Louis CK, so there's that, too.
Cinemas cost less in different parts of the world. Maybe in the US a cinema costs $5, but not everywhere. Heck, even an Imax is around $5 where I live, and Imax is the most expensive one around.
This movie costs $5 even in places where that's more than twice the daily salary.