If you're talking about streetware then sure, quality doesn't matter. The shoes only have to last until the fashion trends change in a few months. And fashion conscious consumers will tolerate uncomfortable shoes in order to look good.
But the performance athletic shoe market is completely different. Real athletes still buy a lot of expensive shoes and they'll absolutely switch brands the moment they notice a drop in quality. I've seen this happen among my friends. No shoe company can ride on brand equity for long in that market.
I’m not even an athlete but I hike fairly often and walk 3-4 miles a day with my dog. If I get a pair of so-so boots they’ll last less than a year. I got recommended boots by a friend that lasted me 6 years until I finally had to replace them with an identical pair this Christmas. Nothing has been an issue in the two weeks I’ve had them but when companies get gutted by PE their quality goes down sharply. If I have to find a new boot company I’ll be very sad.
But the performance athletic shoe market is completely different. Real athletes still buy a lot of expensive shoes and they'll absolutely switch brands the moment they notice a drop in quality. I've seen this happen among my friends. No shoe company can ride on brand equity for long in that market.