There aren't really any bad steels really, they all have their uses that they have been developed for and in the knife industry they fit into categories of different types of knives in how they are basically used.
As we all know there are many types of knives out there and in all kinds of different price ranges to suit the needs or wants of the many different types of people.
Kitchen knives are the most sold knife category in the world by far as most people tend to have one or more in the kitchen.
The problem is that most of them are garbage really, they are cheap, easy to get just about anyplace and functional as in they can cut stuff just like a veggie can lid can if you really wanted to do it so functional doesn't really mean much.
Beyond that well.. I won't get into it.