Yeah that's the cynical and IMO more realistic take. I'm mostly just taking the world presented in the show at face value. It's not realistic at all.
But even then, it wouldn't be the replicators that are scarce, it would be the software. Because in theory if someone is charging you to use their replicator, you could just pay to print out the parts for your own replicator, and then replicate yourself ten more replicators. What would prevent this? Proprietary software.