It really depends on the category.
If you're going to IKEA for a sofa, mattress, or coffee table -- yeah, it's going to be super-cheap stuff that doesn't last.
But IKEA's phenomenal at a whole range of other stuff that's just as high quality but far cheaper than elsewhere. Lighting/lamps, storage boxes, kitchenware, a lot of their chairs/stools, bathroom, and so on.
They're also really good for a lot of "basic" apartment pieces like bookshelves, dressers, storage cubes. A lot of people shop for those things at IKEA not for the price, but simply for the aesthetics.
People with a lot of money and good taste still often wind up buying a bunch of stuff at IKEA because it works well. Not for a nice wooden coffee table mind you, but a nice white media stand for sure.