The issue with the cost argument is this is a global trend and health researchers are concerned, not based on cost but concerns for women's health.
They believe about a 10-15% c section rate is what should happen, but the UK and Ireland is more like 30%. The Dominican Republic is at 60%. I don't know about the bonding argument but there is research suggesting being born by c section can affect the baby's gut flora and that is being linked with obesity, mental health etc.
The point is, it's all a concern at population level much more so than individual. Lots of friends have had c sections, epidurals some have had home births. I'm expecting my first any day now and while I won't be having a planned section I'm aware I don't know what will happen and it could be an outcome.
The issue I have is that my likelihood of having a c section seems like it will be different based on which hospital I give birth in, rather than my personal wishes or mine and the baby's health. My two nearest maternity hospitals have quite significant percentage differences in the rate of c sections.
That's the issue I think, and it's definitely not down to cost, but to practices which I don't believe are mother-centred but more to do with hospital policy and clinical practice/experience. There should be much more centering of women's health and emotional well-being during the whole maternity process, and I think if there was there would be a reduction in the current numbers.