Sonically even if they are the same, you might have $1 footswitches instead of $9 ones. You might have plastic housings instead of solid metal ones. You might have cheapo pots, jacks, etc.
Build quality, some pedals are built to last, with well designed circuit boards, maybe even point to point connections.
Some people want a Sony discman, some buy Enzer can liao. They usually sound almost the same, but the Enzer sometimes dies in a few months.
Go ahead and buy a cheap pedal that you feel sounds good. It doesn't affect me. Maybe like some girls, you can buy a new $20 pair of shoes every month instead of buying a $200 that lasts a year. Its really up to you.