Perception of value is complicated, so is perception of quality.
I honestly don't think most people know the difference between good and bad (quality or lack thereof) for most items they buy. There are probably a lot of causes for this, but at least some of is lack of knowledge (never seen anything better - looks pretty good). This leads to some pretty interesting developments on both the supply and consumer side of things I think in a lot of cases people us price as a proxy for quality - if its expensive it must be good...
Sometimes its slightly awkward for me, especially if someone has paid a lot for something that you don't see as very well done and you're like "uh huh" and trying to pick out the good parts (especially difficult when there don't seem to be any ).
This is true in all sorts of areas though so don't feel alone, I've been served beer at pubs that I'd have dumped down the drain as a homebrewer.