Look, the truth is that when many of the discount brands were first made and earned their reputations, Japan, Korea and China were putting out crap/rubbish so bad that it was automatically stigmatized. The original release of the Aria Pro II series and some of the Ibanez Musician stuff met with a big thud here in the US because at the time ('70s) anything with Made in Japan on it was clearly cheap and poor quality. Even though these instruments were of Alembic quality.
Now, in most cases, we revere the Matsumoku and Fujigen stuff FOR its quality. But back in the day? No way.
Squier was originally beyond crap. The first Bullets were complete horse$%^t. I purchased one when they were first released and the grounds were not connected properly, there were cold solder joints, the neck pocket was like a neck surrounded by a moat, yada yada. The tuners were really weak. After putting some elbow grease into it played fine, and was definitely decal friendly.
Today, most imports are as good as CBS era Fenders in quality. So the argument today about quality and tone is very subjective.
However, as many have stated here, the first time you are in a real pro environment, and someone sees the logo, unless you are already really famous or known, you take away status points and reputation gets a coffee stain. Has zero to do with your playing, zero to do with the actual quality and tone of the instrument.
In this business, on the studio level, if you walk in with a vintage P or J, with a little mojo on it, and maybe lug in a Sadowsky or Alleva-Coppola, well, they look at you as a man who knows his business. Walk in with a Kramer DMZ, Danelectro Deadon 58 Longhorn and an Epiphone Viola (and that is truly what the session calls for) and, well, they will immediately search the studio for the MIA Jazz they keep around for guys who aren't good in the studio. No matter how amazing you really are and how perfectly those instruments will capture the songs and the tracks.
Rep is everything in this business. I know. I've made a career faking it successfully, even though just about every other bassist here on TB is actually better then me in technique (and most in looks...)