You are missing something and that something is called heritage. The 110 and 119 might be mass produced, but they are iconic Americana that would never be the same produced elsewhere.
IMO, Buck made a wrong turn in off-shoring. Getting out of Cali to Idaho was a necessary step, but taking the brand and slapping it on Chinese manufacturing is a step too far.
Buck should have leveraged its massive amount of brand image and got into reputable licensing arrangements like Victorinox has. Every true SAK sold in this country still comes from Switzerland. With license income in other sporting goods sectors, (where the licensee can go to China for manufacturing all it wishes to as long as the branded merchandise is of acceptable quality), Buck could subsidize all American knife manufacturing across the entire line as its core business.
Because, after all, that's essentially what they are doing now, only they have sort of license built their own lower market line. They could have done the same subsidy with camping and hunting accessories, clothing, and boots instead and subsidized an all American knife manufacturing effort across all segments or at least kept the worst of the off shoring/Wal-Mart whoring to Taiwanese concerns.
I have a friend who calls the Chinese made Bucks "Rucks." Looks at the blade at the Sportsman's Warehouse and asks aloud, "Let's see, Buck or Ruck?"
They will never be coveted.
The Harley Davidson business model (though obviously not on that scale) is the market opportunity Buck hasn't, or doesn't want to exploit to the fullest and should.