I think it comes down to how many you have to try before you find a "good" one. The cheaper basses have more "nope, not that one..." basses but you can still find a killer instrument once in a while.
Dan K.
That is the follow on to my "a good bass is a good bass regardless of where it is made." Cost usually follows consistency (more expensive tend to be consistently mo' better, cheap tend to be consistently less better).
The whole "street cred" thing is ridiculous (except for the influence on resale value). I play with guys who have MIM instruments (and others with stupid expensive stuff). No one in the audience knows/says anything. I don't say anything or care as long as they don't suck. As far as I can tell it only matters to gear wanks online and perhaps "bench racers" at gigs.