If you are looking at lower power, what are you going to be driving with it?
The spendy thing is the sealing. If you need it to be dustproof, there's not much that's hugely cheaper than a KBAC or similar NEMA4/IP66 drive.
Unsealed drives intended to be installed in clean, dry electrical enclosures are much cheaper.
For something like a lathe or milling machine, an unsealed drive in a dry, reasonably clean workshop can be fine. I ran a lathe from a wall-mounted unsealed VFD in my garage for a couple of years.
When there's fine dust or grinding going on in the same room, there's no real alternative to a properly sealed drive. Metallic dust will kill a VFD completely and instantly if it gets inside. I know people (plural) who have toasted drives on the first run of a new grinder ("I'll just check it all works ok, then I'll mount the drive in a sealed enclosure"). It can take less than a minute to put enough steel dust into the air to kill a drive.