I'm all for easier access to medical assistance devices -- I am against the erosion of established terms for political points, especially when it leads to ridiculous statements like you just made:
"My parents just got absolutely robbed buying hearing aids for my great aunt that I’m sure cost in the tens of dollars to manufacture." -- this shows you know nothing about hearing aids and the absolute bleeding edge technology that goes into real ones.
I'm sure it cost a lot and it hurt to pay the price. I'm not arguing these products shouldn't be available -- I'm arguing it's essentially false advertising to lump them in with 'hearing aids' especially with the FDA badge of approval.
Give the consumers choice - but don't hide that choice behind falsely equating the product classes. Make it clear they are in fact getting lower end everything, and that's why the price is so low. And make it clear that without an audiologist, you are at risk of damaging your own hearing and eliminating or worsening additinoal frequencies if tuned improperly.
Then let the consumer decide. Simple.