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This was true before the last 2-3 decades of globalisation, outsourcing, diversification, vertical integration, private equity, consolidation, and monopolization.
30-40 years ago most established sectors had a dozen brands across cheap, mid-market and expensive tiers. Most of the expensive brands were expensive because of consistent quality or niche. Nowadays the dozens of brands are owned by 2-4 multinationals, and there's barely any brands left that haven't been plundered and bled dry in the eternal race to the bottom for short term profit.
Pre GFC the US had 50-100 banks above a moderate size (can't member). Post GFC there were like a dozen left; nowadays there's probably half as many.
Very true, the quality of products has overall gone down, but the idea that "you get what you pay for" continues to persist regardless.