You are correct and I say that as someone who has explored that rabbit hole. I think it's worth considering them in their natural environment, from the perspective of somebody who is only brick-and-mortar shopping at Walmart or might not be way into knives. For the price, they tend to look good and might even have decent action. They might start with a reasonable edge. They'll open letters and such. They just are what they are, and that was mostly soft hardware and blades in like 3Cr13. (Yeah, not 8Cr13Mov but 3Cr13. I bet you could find a steel frame lock from them wherein the blade and scales are the same steel.) The recent jump to D2 on this model is quite the flex. Even with a mediocre heat treatment and burnt factory edge; I understand the novelty.
The fact remains though, it's just a fastfood lunch away from stuff that is so much better. On the low end, Ganzo and Sanrenmu are a step up. Ganzo starts doing D2 at 60+ HRC in original designs around $25. For people who wish to avoid Ganzo due to their less original designs, Petrified Fish has a couple of models in D2 under $30 (and a bunch more under $50). Based on independent testing, Petrified Fish does one of the best heat treatments on Chinese D2. Those models hit hard for the dollar. Up over $30, the quantity of quality choices really explodes. For instance, Kizer has like a dozen models in either N690, Nitro-V, or 154CM for like $40; and at least a dozen more under $50. Heck, I've got one of those in my pocket right now as I type this.