In 1997, I would agree with you 100%. Times have changed, and things get cheaper and more terrible.

I bought a cheapo WalMart bike on vacation when mine was damaged in transit in a minor car accident. I was riding on a bike path, swerved to avoid something and went off a high curb. The impact cracked a frame weld.

It's a weird market. There's a market for cheap stuff that doesn't get used, and outrageous stuff for fanatics. No ,idle ground.