Standard is the most played constructed format at premier level events year round (check a schedule for GPs, SCG Opens, and how many upcoming Pro Tours will feature standard) so it has a lot of popularity for that.
On an FNM level, here's my local store's cost and prizings: Constructed (Standard, Modern on occasion): $5 entry, 100% payout in store credit based on record for all x-0 and x-1 players.
Limited (Booster Drafts): $12 entry, keep cards you draft, booster packs to 3-0 and 2-1 in each pod.
In terms of both entry costs and prize support, I find constructed more appealing to enter. I pay $5, bring a deck with me, and if I go 3-1/4-1 I will often go home with at least my entry fee back or $10-20 depending on the size of the event. This in turn allows me to use that to get cards I need, regardless of format, or save it in their computer for bigger staples as well.
Standard constructed decks have an initial cost, and their rotation does definitely affect their playability. Going infinite in standard is very possible because of the accessibility of cards and card pools, but generally those who play Standard for a couple years or more will eventually turn over to Eternal constructed formats (Modern, Legacy, occasionally Vintage) either by having cards that overlap those formats in their collections once they rotate out, or because the overall price point for Eternal is actually smaller on the same timeline as it would be keep up with a full standard card pool.
However, a side note I am finding is that Modern at least in my area is becoming increasingly popular due to the diversity of the format, and the non rotating structure. The barrier for entry into Modern is about equivalent to what you may likely spend to play Tier 1 competitive Standard over a year, if not two depending on what you play, and cards even overlap with Legacy if there's ever interest in that jump. Also Modern will continue to have Wizard's support thanks to the lack of a reserved list so they theoretically can continue to reprint cards in the Modern pool so new players won't get locked out by card availability if they decide to invest in it. The diversity of the format also makes it enticing. Modern, like all formats has its problems, but as far as something someone can invest into competitively and not have to worry about their deck becoming irrelevant in 3 months, it is the easiest choice to make.