You're right Dave, but consider that in a dead-simple product (as that strap), there is a very, very small difference between low quality and no quality at all (meaning useless product): you could have snaps that doesn't stay fit (= unusable product) or cable with a broken connection (= unusable product). There is no much else that can happen. So with cheap dead simple products, IMO it's a 50% win or lose game.
Instead, with a DMM for example, you could have a low quality one with no input protection, slow update rate, low accuracy/precision, but that can effectively measure something. For me, that's the difference you're talking about.