LOTRO - Over $200 For New Players To Get All Expansions?

I've been thinking about giving LOTRO a solid chance. However, I'm very confused about the expansions. Do they really expect new players to spend ~$220 just to get all the expansion content (standard edition for previous and current expansions). Do they really not have a bundle or am I confused?

Because unfortunately this $220 hurdle will be the reason I don't return to the game.