The Colts can get away with high prices because they are the Colts. Their tickets have been in high demand for a decade, and people are willing to pay high concession prices because of the "big event" status that comes with a Colts game. Since there are only 8 home games a season, many people only go to one a year and therefore justify spending a high amount at the game since it is sort of a "once a year" thing. Plus all of the Colts games are played on Sundays when people are off work (unless its a Monday night obviously, which is actually in more demand because of the big event status that comes with MNF).
OTOH, the Pacers charging such high concession prices over the years is just bad business when you've been as desperate for attendance as the Pacers have in recent years. There are 41 Pacer games, most of which are on weeknights. Only a select few of them have "big event" status. Thus, charging such outlandishly high concession prices is just not smart business when you're begging people to come to games. It's probably not as big of a deal now that the team has turned the corner, but it was a dumb move for all of the dark years in which no one was coming.
Look, I understand charging a lot for beer. If you had $3 beer, then people would be getting absolutely tanked, and you don't want a bunch of drunks in the stands who then get into their cars after the game. But the food prices are just a ripoff.