HOW is it that hair ties that are actually just six inches of foldover elastic with a knot are still a thing? A thing with crazy prices, too! You can get foldover elastic for like fifty cents a yard.
Maybe a bit more if you're not shopping sales, or want something with a cool print.. but no matter what, a buck a piece for six inches of foldover elastic?!
And the reason they don't crease your hair is because they're less elastic-y than normal hair ties. But normal hair ties are as elastic as they are because that's how they're actually useful.
I'm agreeing with you here - lots of hair and not gonna pay money for something that I could make. Remember scrunchies? Fabric tubes with elastic. Also crap at actually holding hair.
I remember scrunchies as at least holding my hair, though.. They were overpriced to buy, but they weren't nearly so bad at holding hair as the knotted foldover elastic things.