If it means crappy quality and unreparable, something that will last for a couple of years tops, I agree that is terrible.
It could also mean decent quality that will last, but is cheap enough that you won't worry too much about it being damaged or lost or stolen.
I love my Macbook, and my previous one is still going strong after 8 years, in the hands of a family member with lower need for computational power, but I hate carrying around a device so expensive. I don't dare eat near it, and I wince whenever my backpack bumps on something.
I miss the careless freedom of carrying around a cheap, crappy linux laptop.