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My economist thinking is that BMW prices its cars according to the market. The UK has less competition and a different vision of luxury than the US.
In the US you have low prices on everything that is either mass market and/or highly competitive. You may have a great product but if its not affordable, people won't buy it. The 3 series falls in that category. Yes its still an expensive car but for a luxury car it is quite affordable (lease rates are industry-leading and leases represent 70% of "sales"). People get 3 series as graduation gifts. As a result BMW sells truckloads of them, especially in the northeast and California and big cities.
Also there are lots an lots of cars the Americans truly see as alternatives to the 3 series, such as Acura, Infiniti and Lexus which are not so common in the UK. That keeps prices down.
The 5 series case is different. This is viewed truly as an executive car in the US, and to be perceived so, the price must reflect exclusivity --only a few should be able to afford it.
My $0.02
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