Your comparison to 5-in-1 systems isn't valid. 5-in-1s aren't Atlases. Different market segment and revenue model.
They both use Access, which is what gathers the data and sends data to Acurite and wunderground.
Thinking there is a subsidy going on is quite a stretch.
Under your theory, is an Atlas Elite going to be less subsidized as it is targeting a price-point similar to the VP2?
The Atlas is more acuritely (see what I did there?) targeted toward the price point of Vantage Vue, not a VP2.
The Atlas destroys the Vue on features. It's not in the same segment. It even arguably offers more features than a VP2+ (depending on which features you focus on or are important to you). By my eye, according to the spec sheet, the Elite will have the same sensors but a greater transmission range and shorter update intervals. I'm sure there will be other advantages as well. But you don't need the Elite to knock off most of Davis' enthusiast users. So unless Acurite discovered a hidden treasure map somewhere telling them how to source and install comparable parts for remarkably less than Davis, they are not going to just leave money on the table. My guess is they are making up the difference from the cloud (either by eventually charging for access like Davis or selling the data to a 3rd party). This is how most low-cost products and apps work now. The data is the most valuable commodity and the only path to profitability. Why else lock down the hub? They HAD to provide a Wunderground upload option to remain competitive.