It really depends on which market segment you are talking about.
There are high-end products like Gucci or Saint Laurent where you really aren't paying for much other than the brand. Sure, some of their products might have great quality, but it's so far down the spectrum of quality where returns have all but diminished.
You bring up rain jackets. I think that's a great example.
Any rain jacket that even mentions windspeed is gonna be some knockoff garbage. No self-respecting company would ever talk about that.
https://www.patagonia.com/product/mens-torrentshell-3l-rain-...
This is a good option for a rain jacket. Notice how none of the copy tries to sell you on any gimmicky features? The only "marketing" BS is their 3-layer H2No® tech. But that's just Patagonia's name for one of their waterproofing techs. It just makes it easier to differentiate which product of theirs uses which tech.
While that Patagonia jacket is a good option for most people, it has some drawbacks. The material is very stiff and heavy, the material feels terrible against your skin, it doesn't have much stretch so it limits mobility, and it has virtually no breathability.
https://www.rei.com/product/894312/patagonia-stretch-rainsha...
Whereas this jacket (retails for $200, so about $50 more) is better in that the material is much lighter, softer, and stretchy. It has about the same performance in regards to waterproofing and breathability, but the improvements in the comfort make it worth that extra $50 _for me_ every time.
Of course, if you spend even more, you can get almost everything you want out of a rain jacket. That's not to say that more expensive jackets are always better, that's definitely not the case. The question is what do I need out of a rain jacket? Once I determine that, I find the product for the lowest price that satisfies those needs. That second jacket fit my needs and I bought it after trying many other jackets.
If I'm embarking on a month-long hike in the mountains during a rainy season, I will probably spring for the best option since I'll be wearing it all day, every day and it can literally make or break your trip.
So you might think some of these features are pointless, or overkill. But that all depends on what your use is. Obviously buying a $600 Arc'teryx jacket for your kid to walk to school is overkill, but that's not even the price-point that the author is talking about. He's complaining about $16 socks.