Personally I think it's an inverted bathtub curve.
Some things are so cheap you can't mess it up. Some things are well-made because the manufacturer made a series of quality-conscious decisions that really added up.
The trouble is the middle, where consumers pay the most attention to branding to make decisions. At the extremes, though, brands matter less.
The poor man wants boots. The rich man wants boots. The man in the middle wants Timberlands or Harley-Davidsons or Doc Martins or whatever.
> Some things are so cheap you can't mess it up.
A good example would be modern safety razors. I was looking at alternatives to the King C Gillette and most of the generic branded ones performed similarly to the big three German brands.