An AUS8 blade hits a nice balance between corrosion resistance, end-user servicing, decent maximum hardness, and manufacturability, though focusing on "our steel is special" seems to sell blades. Plus, I think it's worth noting that if most manufacturers were to make blades out of more expensive knife making steel like S3OV, not only would they likely corrode, people would be close to incapable of properly caring for those blades properly anyway. It's not an easy task, especially for someone who is only using the knife to achieve their primary goal: cooking.
I'm not mad on pocketknives, but I've got a small handful in 440C, a couple in AUS-8, and then one in S35VN. The latter used to be considered fairly high end as a blade steel but now appears to be increasingly commonplace in even relatively inexpensive knives.
From a practical standpoint, and for my use cases, there's no significant difference between any of these, except that the S35VN is harder to sharpen.
I have no complaints with edge retention or sharpness for any of the 440C or AUS-8 knives I own even though they're looked down on as blade steels by the knife community and, in fact, my favourite pocketknife for everyday and DIY use is the very inexpensive Ontario Rat #1 in AUS-8. It fits my hand well, is a great cutting tool, and is incredibly easy to sharpen and maintain.
That's fair - I suppose I oversold "truly high quality kitchen knives".
I do think German knives generally tend toward softer steels on purpose to make them more amenable to occasional "abusive" treatment, which seems like a reasonable tradeoff for the average consumer.
The worst is Misen, though, which brags about AUS8 steel as if it were Blue Paper Steel and not generic tool steel.