Relating ENVE to “envy” had never occurred to me either.
Re competing against cheap mass-market stuff, it can certainly be done. Brands can truly earn a premium for their products in many ways, whether that be in objective qualities, subjective qualities, or totally intangible things like trust.
I trust Nikon with my cameras because I believe their product quality is superior to much cheaper brands. I pay BMW a premium because their products are “reliable enough” (my prior cars, a dozen Hondas and five Teslas, were all more reliable than my Beemers) but the product experience (driving experience, fit/finish/interior, performance, tech, etc.) are superior. Premiums are earned (or not!) in different ways.
I know that the Chinese people, as a society and culture, are capable of marvelous attention to detail and impeccable quality in fabrication. But I also believe that most mass-produced Chinese products are either of lower-than-promised quality, or low-but-as-promised quality, and I HAVE NO IDEA whether their the safety margins, research/QA, and other intangible things that make me trust their products are great, slim, or nonexistent.
On something like bike wheels, where ONE fall and serious injury will cost me tens of thousands of dollars in medical bills and at least tens of thousands of dollars in lost income, you can bet good money that I’m looking at the best-known and -reputed Chinese brands as options… but I’m strongly pulled by the “trust” factor in the direction of brands whose positioning and history is of high engineering quality and a premium product/support.
Sometimes a much higher price is overpaying. Sometimes you’re paying for better engineering, design, testing, customer support, longevity, and other intangibles.