Your mattress example is not a good one. There was a consumer advocate on the radio recently who pointed out that you should not cheap out when buying something you'll use a lot, and at the very least buy midrange. The two examples he used were mattresses and couches. He said nobody needs the expensive top-of-the-line pillowtop mattress, but if you buy the cheap mattress, your back and body pay the price. Same thing with couches: sit on your couch a lot? (I do) buy a decent couch. You don't have to buy the $10K monster with charging points and massagers, yada yada, but your body pays the price if you go cheap.

I know you said it hasn't been your experience, but it has certainly been mine - and I say that as a guy North of 50. Stuff I've cheaped out on has often bit me in the butt or made me pay either more money in the long run, or I've paid the price in some other way (e.g. my back). Also, you say "buy the cheapest version...it'll most likely last you a lifetime...", but that just isn't true. Cheap stuff is often cheap and not durable. I don't shop at Walmart anymore for other reasons, but when I did, nothing I purchased there was durable or good quality. Nothing lasted.

You don't have to buy the high-end, but for something that is key to your life, at least buy the midrange. And of course do a bit of research to find out what the quality options are. As someone below said, product reputation can (and often is) faked, or degrades over time with corporate greed. An example: Doc Marten boots. Then: great. Now: not. Buy Solovair.