Cheap/Expensive are relative terms to me. I know that since 2002 (when I first became aware of them ) no stick bait has compared favorably to a senko to me, when it comes to drifting down wacky rigged next to an object. Use o-rings and then last several fish per baits, at least they do for me. I don't find them expensive when considering the results I get. Tx-rigged stick baits are a different story. My experience has been that many brands work just as well as senkos when tx-rigged and thrown into cover, or at an object, so there are cost savings to be had there.
Hard baits? I don't know. I know that where I fish the prime pre-spawn jerk bait time only lasts a few weeks, and I almost always want a Lucky Craft tied on. In my experiences, they just work better. I base this judgement on trial & error. For a few years, I was seriously into collecting jerk baits, I don't know the current count ( likely more than 90, less than 150.). For me, the Lucky Craft baits have been more reliable than Rogues, or Long A's, or Husky Jerks, or Redfins, or any number of other sets of jerk bait that I've purchased. Also it seems like on days when the Pointer didn't want to work, the Staysee did. So, as far as jerk baits go, Lucky Crafts have been more reliable for me, making the cheap/expensive argument moot.
Lipless cranks - I've got a few of those also. Seems like they all cost around the same. The old Berkley Frenzy works best for me. Long out of production, I've got 4 left.
Billed cranks - these seem more like baits that I collect, rather than fish with. I've got hundreds of them. 90% of them time, it seems if I'm throwing a crank, I'm throwing a Timber Tiger of one size or another. Once upon a time, these were considered a "premium" crank, price wise, at least where I buy stuff. These days, they are unavailable, I haven't seen any on shelves for several years. For several years the BPS in Independence and Springfield dedicated end cap space to this brand.
On the subject of the big square bills, I've got to admit that I've found some bargains at Academy. A couple of years ago they put their version of the Strike King square bill on sale at 2 for $5. I've got a nice set of them now. Had to buy a couple of Plano crank boxes to store them in. Got no complaints about those baits, when they work, they work good and they come through brush & trees much better than I thought that they would.
I guess the point of this rant is that I don't consider cheap/expensive very much when purchasing fishing gear, baits in particular. If I want/got to have it - I buy it. I understand that I'm somewhat addicted to purchasing new gear and that I'm leaving an interesting issue for any heirs that I might have.
Rods & reels are a different story - nearly all of my rods & reels are mid-range to low end expensive and I've only paid full retail for a couple of them. I shop for bargains/close outs/ and some of the stores I frequent will deal on reel purchases. So, the cheap/expensive issue comes into play when buying rods and reels, at least for me.
Terminal tackle - I can remember times when you couldn't convince me that lead sinkers were just as good as tungsten, I mean really, how much difference can the modest differences in size & weight make? Then I tried tungsten and these days I only carry a small box of back up lead worm weights, tungsten makes a big enough difference to me that it is worth the cost difference. So, that's my opinion of this matter, currently.