I think we’re about the same age with similar experiences of trying to find budget instruments in the ‘80s. Not only were the instruments cheap and nasty but the outlets to buy them were severely limited. No internet and a small selection of second hand shops that stocked instruments alongside other brick-a-brac made finding a decent cheap bass tricky.
I don’t think I have played anything in recent years that a couple of hours worth of setup wouldn’t sort out to be playable if not loveable.
Nowadays it would boil down to a bit of brand snobbery, aesthetics as well knowing that for a little more cash there is a better quality instrument that can be bought quickly and researched from the comfort of your home (online reviews, you tube demos etc),
It’s the same with cars. There are loads of cheap models out there now that are more reliable than top makes back in the 80’s but feel cheap and nasty and are utterly bland to drive. Why bother unless you have to?