It has very little to do with the cost, while that is a factor, its not the driving factor in reducing the amount of F-22s we go with.
The primary factor is found when you examine the primary role the plane is designed for. Its got top marks for latest gen stealth and a high level of speed and manuever. These attributes make it a killer air-to-air weapon, capable of hitting enemy planes without retribution. Capable of sneaking past defensive installations and attacking rear gaurd areas - with I imagine a primary role to defeat enemy sensor aircraft. It has limited ground engagement abilities without sacraficing what it would need most in such a situation (only 2 ground attack weapons can be stored internally, any additional have to be store externally and thusly seriously reducing the stealth capability).
This is a weapon designed to fight against another major player in a stand up fight. It'd designed to defeat cutting edge Opfor air defense.
The problem is, that type of scenario has become less and less likely over the past few decades, and is continuing to trend in that direction. When you are sitting in the big chair, you're going to look at your potential threats both short term and long term. Currently any threats on the table don't require a lot of the F-22's ability to defeat modern air defenses. A few yes, but not the kind of numbers they thought they might need even just a few years ago.
If you want ground attack capable craft, you go for the F-35, if you don't need stealth you've got the existing airframes. If you want scouting, why in the heck would you even think of an F-22? It all boils down to the F-22 being the ultra-cool expert you bring along in case you run into the specific problem he is built to deal with, but realizing that the other 10 guys you brought along will likely be all that you need. So when you plan ahead you limit how many of the experts you buy, and utilize the savings to purchase a greater number of your other tools.
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