sure, some people are major gear snobs, but f*** 'em. I'll play any bass that feels good to me, and sounds good in general. I don't give a crap what the name on the label is.
My The Bass Company bass fits both criteria, I love the feel and the tone is worthwhile, so it's my workhorse.
That said...
I won't buy a squire because of their quality issues. Sure, there are some well constructed Squires, but they're definitely the exception to the rule. Likewise I won't pay $500 on a bass that is lesser than another bass I can get for $500. I research, test, try, poke, prod, etc. everything I buy, not just basses. I don't wanna spend $350 on a MiM fender of dubious quality when I can spend that on a TBC that I know has been lovingly setup by Darrell.
I'd rather support someone like TBC who have great QC (in my experience), are friendly, and are willing to make things right if something's wrong with your bass.
Long story short, it's about quality, not name. If all you can afford is a squire don't just send away for one from
Musicians Friend. Take that money and shop around to find the best bass you can for the price. Chances are there's a much better instrument right around the corner if you're just willing to look for it.