First.. Do you or have you owned, shot or even handled a P22?
I have both shot and broken down and inspected a P22. Partly because of that, I would never consider owning one.
Second.. The most all of the broken ones I know of are the longer type with that compensator on the end, that likely contacts the slide.
That appears to be the most problematic model, but I've read numerous accounts, with photos, of broken slides on the shorter-slide model. There have been plentiful reports here and at Waltherforums. Catastrophic slide failures within 10-15,000 rounds seem to be frequent occurrences. I've even seen one break myself. That was before I really knew anything about the gun or what it was made of. Prior to that, I was unaware that pistols aside from the Hi-Points had zinc-alloy slides.
A steel slide the size of a P22's would most certainly have too much mass to cycle correctly.
Its not only the mass thats the issue, but it must also have a recoil spring capable of striping the next round and cycling your heavier steel slide at a fast pace.
A steel slide, being made of a much stronger metal, would not need to be as thick as the zinc-alloy slide. External dimensions could be preserved and the proper mass still achieved.
It's just a cost issue -- but not a feasibility issue. Umarex wants to make a gun for $35-40, pump up the retail price of a low-quality non-Walther product with the Walther name, ignore any potential for damage to the Walther brand, and have a terrific profit margin. They could choose to spend $75 per unit to make a much better gun, avoid any long-term damage to the Walther brand image, sell it for esentially the same price, and make a little less money per gun sold (but probably sell more in total). That's not what they're after.
I couldnt find a single 22lr full size or compact conversion with a one-peice slide made of steel, they're all aluminum and/or only part of the slide actually cycles on some brands.
Including the CZ conversion.
I have two SIG P210 .22 LR conversion kits with slides made out of one solid piece of forged steel. They cycle with perfect reliability. Obviously we're talking about two different ends of the spectrum in build quality and precision, but it shows that reliability can be achieved with a lighter steel slide with full-size dimensions. For that matter, a P210's slide is considerably longer than than a P22's slide.
And there are centerfire guns costing less than a P22 with more complicated locked-breech actions that use much more steel than would be necessary for a cast steel slide for the P22, so cost is not necessarily prohibitive. It's only prohibitive for Umarex's short-sighted goal for this model.
Yes, they could make a better product.
Aluminum would be a better for sure, but it would be more expensive... the aluminum conversions are around $275+
Conversion kits are expensive in part because companies sell a much higher volume of complete guns than kits/uppers. The economy of scale is not there. People are much more likely to buy a Mark III or a Buckmark than a conversion kit for their 92FS.
Aluminum alloy would be a significant improvement over cast zinc alloy for the P22, and it would be economically feasible.
But like many have said - thousands upon thousands of rounds spent trouble-free.
Yes, you can get several thousand rounds through one with no durability problems. But I rarely hear of them lasting more than 20,000 rounds at the maximum, and that's terrible for a rimfire gun. Part of the attraction of a rimfire pistol is being able to cheaply run hundreds of rounds through them with no fatigue from recoil. I know guys who put 1,000 rounds through their Rugers and Brownings in a single sitting several times a month; they would likely break a P22 (or Sig Mosquito) in less than half a year.
Its unlikely that the added expense of aluminum would be appreciated.
Same for steel even if it could be made to work.
As indicated above, I disagree. But I doubt I'll change your mind, and I also doubt you'll change mine.