Actually, that's how much some of their hats go for, because it is higher than 2.55 refined.
[https://scrap.tf/hats] - If you scroll down, you can see that ''Selected valuable hats / miscs'' like the Killer Exclusive is bought at a much higher price than 1.22 refined and sold at market price + 1 scrap more.
1.22 refined is the amount a hat banking bot would pay for a simple craft hat at this moment.
I'm quite sure this feature of the bots being able to buy and sell more valuable hats has been implemented to allow for newbies to not get 'sharked' and lose profit if the hat was worth even 2+ refined.