One thing that hasn't been mentioned here is amortization (cost over time). I bought my Patagonia base layers over 20 years ago and still have them. Same for my sleeping bag. Granted the bag hasn't got that many nights on it, but still, it has lasted a long time. The Patagonia layers do have a lot of days on them and are still in great shape.

Cheap gear tends to fall apart far sooner than better gear. However, I have a no name (literally) day pack that has thousands of days on it and it's still in excellent shape, so even that isn't always true.