For most people the only real use case for a tablet is media consumption... And if that’s your reason for a device a cheap tablet does it just as good as an expensive one....
The problem with the iPad is the same problem with all tablets... There isn’t much of an argument for them... And if a cheap one does the main job as well as an expensive one folks will buy the cheap one more often than not
Tablets are most useful when you have a job in the field. For personal use, I’d just rather use a phone or my laptop.
Interesting - as I find myself leaving the laptop in the laptop bag more and more for my now somewhat aged iPad Air 2. I can do MOST mobile stuff I need to do, all with access to the files I use most often (iCloud and dropbox). I have a case with a wireless keyboard too, but I don't even tote it around so much any more - though if I had to be away from my MacBook Pro for an extended time, and would need to do more intensive work on the iPad - I would use that case. I use to feel somewhat like you posted - thinking a tablet was primarily good for media consumption - games, movies, etc. Boy was I wrong.