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There is no "best" material. They all have different characteristics, so what's "best" is determined by which features you prefer the most. Steel can be a bit heavy, but tends to be very long lived and rugged. Carbon fibre can be amazingly light, but tends to fracture instead of bending in an accident. Aluminum is light, but can be really awkward to repair. Titanium tends to be pricey, but otherwise often considered a nice compromise.

Steel is relatively cheap, both as a raw material and to join together into a frame. Aluminium is a bit more pricey, but harder to join w/o compromising the strength.

Carbon fiber is expensive, both in itself and in the production process needed to get a good result.

Titanium is somewhere between aluminum and CF in build cost, but the raw material is even more expensive than carbon fibre.

On top of all this you have a lot of marketing messing things up. The people buying bicycles aren't particularly interested in "best bang for the buck", they are mostly buying into a lifestyle, a hobby. As such they don't really care about what's "best" in the real world, they will buy whatever fashion dictates and strokes their egos.

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Q: How is it that such diversity can co-exist in a free market in which competition favors the fittest-surely there must be a single 'best' material for bicycle frames?
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