I work for a small web development company, we build custom solutions in ColdFusion as well as do standard html, and also develop in WordPress.
Our hosting, which is $150 yearly, is more expensive than GoDaddy. I recently did a website for a friend, and I set him up on GoDaddy because the yearly hosting was waaaaaaay cheaper than charging him for hosting through my work place.
Now... I'm not about to give him tech support *wink* which is why I set him up on GoDaddy. But GoDaddy didn't charge any special 'hosting' fee for the WordPress set up. The hosting for 'WordPress' was the same as any standard hosting account - it just so happened to have the files for install 'right there'.
Now, if you can find cheaper hosting and cheaper domain names else where? Have at it. I just set my friend up at GoDaddy because we buy all our domains from them at our office and I've never once had a bad customer support experience with them (and we purchase some 150+ domain names per year).