They shouldn't be $40 just because they are made in USA, there's probably $5 material in it.

If you have to pull your pants down for #2, do they work like regular suspenders, slip off one shoulder strap?

I have to undo the the front and the back. You have to open the front button of your pants anyway (at least I do) and unsnapping the back is no problem at all. I might add, that I wear mine UNDER my shirt. I guess if you wear them over the shirt, you could just undo the front

Are these suspenders soft or comfortable against your skin? No rubbing skin?

I find them to be slightly course but not uncomfortable. For some reason I find the black suspenders softer than the others. I have all three colors so you can tell that I like them. Bill

I am seeing the fabric of my shirt wear on the inside in the front where the Hiker tag is on the suspender. Is there a solution for this?

I haven't had that problem with mine. It could be from the type of thread they used, But you could cover it with moleskin or remove the tag altogether if need be.