I don't think it's fair to compare Fender basses to Squier basses. Although both are made by Fender there is nothing about these basses that are the same, from the wood to the electronics.
Actually the Squiers are not made by Fender, as in made in one of their factories in US, Mexico or Japan. They are made in Indonesia or China these days, Korea and Japan in the past contracted out to 3rd party builders that are making SX and Cort and other brands. They are designed, sold, distributed and supported by Fender under the Squier brand. Design-wise, not exactly the same but pretty close in terms of shape, number of frets, length of neck, etc.
I have a Squier Affinity Jazz V bass. Maple neck, alder body. It's true the electronics are not the same. I spent about $25 on 3 CTS pots, Switchcraft 1/4 jack and nice Orange Drop cap to replace the stock setup. Not something that necessarily needs to be changed but I wanted to and it was cheap and easy. Pickups (the only other electronic components) are not bad at all. Are they as good as stock Fenders? Better comparison would be to a boutique pickup like Nordstrand or Fralin for a real difference. FWIW, I swapped the PU on my CV Pbass for a Fender original one. Does it sound better? Yeah, but I suspect most people would have a hard time telling the difference. There was nothing wrong with the stock pickup but it was a little more modern sounding and I wanted a more classic sound.
