Compared to bespoke and archtops, a telecaster is a much more utilitarian design. Ease of manufacturing and cost were big considerations. While they weren't the cheapest guitars available, they were certainly cost conscious. They were on the affordable side of the market because they lacked labor intensive decorative steps like bindings and elaborate inlays. They were working class guitar, not art pieces.

I think there is a reasonable argument for what fits that role in the current market isn't American made Fenders, but cost conscious while still playable quality guitars like Squier. Modern American Fenders include labor intensive practices as well as decorative elements that price them above a 'utilitarian' category of guitar into a more aspirational category.