my foray into cheapies for the last ~decade was all about "giant killers" --- for way less money than i had previously spent on luthier-built custom axes. i build 'em (assemble great parts) myself, for less, in order to do more (more of the qualities i like/need). so, i feel like all of mine "punch above" their weight (they're all lightweight as a 'design' element) and they're all "giant killers" compared to other axes i've owned (i used to think that $$$ alone determined the overall quality of the playing experience).
my main player: ugly, lightweight, great feeling board, quarter pounders (not shown), schaller bridge, VBTT:

main player backup: different pickups, but same idea --- almost interchangeable with the ugly one, sometimes i prefer it:

i've been playing around with P-basses lately, and here's my two. these are my "looks are for kids" (but must play great!) cheapies:

and this one is the real surprise for me --- ugly/odd enough, 34" scale with a medium scale reach, lightweight, superb feel, yada yada:
i'd gladly kill a giant with any one of these! i look forward to hunting giants when gigging returns for me and my band(s).
disclosure: all of the axes started as cheapies, but some of the parts/features built into them are fairly pricey. that said: the most expensive among them is ~$675, the average being ~$500.