I'd agree with that, although ultimately most of what makes the GOOD ones is in the finishing stage and a lot of that can be done yourself if you enjoy that sort of thing - making a bass that's yours and suits you.
My Squier 'required':
- Fret Dress
- Neck sanding down
- Fingerboard edges rolling
- Full setup
- New strings
and whilst I was at it, I ripped out the electronics and put some EMGs in.
Now you could certainly argue it didn't NEED any of the above, you could also argue that it reaches 'Trigger's Broom' status after a certain amount of work/changes/upgrades but if like me you find that part of the 'fun' then that's cool. Is it comparable to a USA mode? IMO, no. Was it fun? Yeah!