No cost savings there. I wonder what's involved in the physical sensor - why it has to be so pricey? Lack of economies of scale? Complex circuitry? My guess is the former.
I would think there could be some significant cost saving in a sensor/software combination by eliminating the physical meters, controls and some circuitry that could be handled by software.
But I suppose the least cost is in the physical hardware. The most cost is for recouping the design, tooling, assembly, marketing, and distribution cost. Even if fully "virtual", the marketing and distribution costs are still significant.