I look at such things similarly, and have never felt like "team building exercises" were particularly valuable. I'm working with these people on the products we build for hours every day; I don't need to do an escape room with them to "team build".

That said, I have to recognize that this may be partially because of my personality. I don't "do great" at mixers like this. I'd rather go home and be with my family than drink beer—regardless of label—in a corporate setting. People describe me as charismatic and engaging one-on-one, but I'm awkward and unhappy at a big crowd event.

But there are other people whom I think get a lot of value and connections out of them! So it's kinda hard for me to say.

Downgrades in quality, though, stick out like a sore thumb. "I didn't really like going to these things before, but at least they had good beer." It can also be a real "it's the thought that counts" sort of thing. When you show me that you're willing to spend less on me, it sends a signal, sometimes stronger than if you'd never spent anything on me in the first place.