This is still true in the margin, but it requires a shocking amount of research to suss it out. You might enjoy the Rose Anvil channel, as it dissects boots (literally) and discusses their quality in depth. https://www.youtube.com/watch?v=1vHTlrwHttc

There are cases where spending more gets you a more premium product ... but in so, so many cases it's just like you stated. You spend on luxury, and the "nice" speakers have the same terrible PCB design and fail in 1-2 years, or the "nice" skilsaw ends up failing way too soon, etc. A brand used to be good, but now it's terrible, and you have no way of knowing. It's all a mess.