I’d say there is fair amount of "free riders" - make fancy box, put few Asian parts inside and I give you 100% - someone will hear improvement to their sample music. C’mon, there are amps with huge distortions built on 50 years old tech but people like them.
I have seen pictures of inside of a phono stage by a VERY well known and praised manufacturer. Literally 3x3 inch board in 40" wide case. Costs several kilobucks. For an empty box. Compare to Pass Labs XP - full of parts.
So yes, look who is in charge. Pass, BAT, Denafrips are run by engineers. They literally make gear THEY listen to. Watch out for former big names now owned by a cost-cutting corporate drones putting $5 switching power supplies into $$$$ gear.