You can even compress normal wall insulation into something of a similar density of 703 board. But, by the time you figure out the cost of how much you'll need and all the hassle of compressing it, trying to keep it in that state so it looks decent, etc., $10 for a 2x4' piece of 2" 703 doesn't seem out of line at all.
The other option is to just tolerate them being thicker. In order to do broadband (reach down into the bass - say 50Hz up), there are 3 things that have an effect:
1. Thickness of the absorber
2. Density of the absorber
3. Position of the front of the panel in relation to a room boundary or boundaries.
If you don't want the density, you can compensate with more thickness and different positioning. 6-12" of fluffy fiberglass actually makes quite a good bass/broadband absorber. Very smooth absorbtion curve of close to 1 from about 60Hz up.
Now the question becomes do you have/will you tolerate 6-12" thick panels. Or, is it better to get some 2" 3lb or 6 lb material and either double it up or mount it 2" off the wall.