sometimes it isn't the cheapest but the most traditional. From the old tax lists for colonial Pennsylvania it seems most farms had sheep, usual to have pigs, not but about half had cattle.
My preferred patch lube is spit, and you can't get much cheaper than that.
Going through the hassles to get tallow and mix up your own special magic formula really isn't "cheap"
And frankly most of the commercial patch lubes I tried were over priced manure.
A pound of lard is about a buck around here and works in most red neck guns. Perhaps your gun has eastern European tastes and prefers Olive oil. Those who buy Indian guns are probably better off using Shea butter or neem oil.
I really don't think any particular substance is all that magic as a patch lube and there are probably 20 others that work just as well.
Frankly, I raise sheep and can't stand the smell of them when closer than 20 feet. I don't eat lamb or mutton, again, because of the smell. But they do a great job of mowing the grass and I got $2.70 a pound live weight for lambs last December at the stock auction. If the tallow has an odor like them darn smelly sheep, I'd give up shooting.