I think the JDS Atom is the only standalone DAC remaining in this house! It's in a box upstairs, long forgotten. The difference is that it was made in the USA.I can see your points. People who like Chord products and "Hi-End HiFi" in general will not care about SINAD, objective performances and so on.... They want whatever remaining % to pure satisfaction they can get, and they are willing to pay whatever they feel like for it.
But that's just a group of customers. It'd be fine if that type of customers can easily fulfill the purchases necessary for western-based companies to stay relevant and leveling up. But other consumers, the less wealthy and bold customers are leaning toward more affordable products, the kind of products that at the same time have both strong subjective & objective remarks. And in that standard chinese companies have been doing it so well in recent years. For example JDS Lab Atom once took the spot as probably the best $100 headphones amp one can buy, but now the market is so diluted and competitive I'm not sure out of 10 recommendations how many will go to Atom anymore (although I'm sure JDS Lab is still doing well).
I'm aware that Topping did not invent cheap DAC. My observation is that the recent uprising of products from China changed the landscape quite a bit. Look at headphones, iems, dacs and amps nowadays you will see that they are very popular and probably more profitable than other same price bracket offerings from the West. I also noticed some smaller audio brands here and there (both in asia & west) have dissolved because they cannot adapt to this situation.
John Westlake describes the nightmare of getting stuff made in China 30 years ago. Things have obviously changed a lot, and companies like JBL are getting award-winning products designed in China. The reality is that a lot of Chinese factories are still very short-sighted, will cut corners, close down and start up again days later, but there are lots of really good ones. IAG is a good example of a Chinese success story, I think John Westlake designed their Audiolab M-DAC, a hugely successful product. I owned the M-DAC+.
Most of the audio product in my house was manufactured in China. My son was involved in a lot of the procurement, which he said was a "difficult", but the product itself is magnificent.