There's your answer right there. If people keep buying then why would they charge less?
Now that I think about it, I wonder how well any of them keep time without syncing to their app.
You might be surprised: https://www.cnbc.com/2016/05/23/study-shows-fitbit-trackers-...
I check my pulse against a stopwatch during the same minute that Chinese no-name is counting my pulse, and the result is the same.
And this is enough to justify the device for me. It only cost $150 or so, lasts much longer than a year, and earns its keep in useful functionality.
This is one of those things where limiting the functionality of the device enhances the usability of it. I can easily do the 3 or 4 things I actually want a watch to do on my fitbit(stopwatch, heartrate, pedometer, see who's calling) and don't have to worry about dumb stuff like receiving phone calls or watching video on a tiny screen.
It eventually irritated my skin (I had burn marks right under the light) so I had to give it up. Even with regular cleaning, I could not stop the strap itching.
The nice thing about Garmin (the company) is that they gave me a full refund even though it was well past the 30-day return. I haven't gone back to do the research on avoiding the skin issues, but I hope some day I'll be able to buy a Garmin again.