We paid literally nothing to make our Item. Even if you throw in a couple of gold for the physical materials the expense is negligible. As to time, apprenticeships last years. Making suitable Items would take a month or two. And they would likely be reusable.
While true that is more a reason for them to have even better stuff, not to have none at all.
Also I feel you are vastly underselling its value. While simple relative to other spells its absolute effectiveness is still quite high. It grants the equivalent of chain armour over your entire body. It armour your eyelids. As to journeymen casting it themselves, ideally yes. Practically, not so much. If you are riding through a forest and someone drops an arrow on your skull you don't have time to cast. If a mugger sneaks up to you on the street and puts a knife through your kidney you don't have time to cast.
1) Wizards are, as a general rule, extremely busy; you might recall Mathilde spending near eight years without having time to work on her enchantment skill once.
2) Enchanters are a very small minority among wizards.
3) Skilled enchanters have absolutely no time or interest in churning out dozens of identical items, outside of very specific circumstances like those that lead to the creation of the Doomfire Rings.
4) Items more potent than the Aethyric Armour robes are also more difficult, more time-consuming, and more expensive.
5) If a Journeyman needs to be loaded down with magical items just to survive they're not worthy of becoming Magister and should remain an Apprentice in Perpituity.
6) If a Journeyman was loaded down with magical items, it would make them an enormous target for every ambitious mugger and brigand in the Empire.
These are the main reasons for the way things are, given as a courtesy. It is not an invitation for further debate.
Please consider the contradiction of you saying that the Colleges sell magic Items and because of that the Items we make have no sell value.
I am not asking about the viability of personally going out and selling bootleg Runefangs off the back of a cart. I am asking what someone eligible and interested in buying magic Items would be looking to pay for clothing Enchanted with Aethyric Armour.
Sales are not common enough for there to be established prices, so because there is no arranged buyer there can be no price for the robes. I have explained the way enchantment can be monetized: you signal willingness to the College, spread awareness of your work, and await commissions, and the price for that commission will be arranged as it is made. These commissions would be a profitable use of your time but come about infrequently, and the cost would be based on more factors than just the item being requested: it would also depend on the buyer's wealth, their standing in the Empire, their reputation, and whether they are paying entirely in cash or partly or even entirely in favours.
Or to put it another way: I am deliberately not giving a pricetag. It would be entirely arbitrary, it would give people the wrong idea about the nature of enchantment as a potential money-maker, and I really don't want to see someone working out a plan for an aethyric armour assembly line and multiplying throughput by the pricetag to arrive at an entirely fictitious 'profit'.