you could say that...but like any generalization, there will be exceptions. Chrome-plating adds to the cost of finishing, but there are plenty of cheap and really crappy bikes that have some chrome thrown on to appear to be worth more.
And then there's "fashion trends": there was a definite trend away from chrome on frames in a period of the '80s and towards a "Euro" style (that's what some marketers called it) of all paint and zero chrome. Some of that might have been driven by politics (there was a boycott of South African products and SA was a major source of chromium) as well as cost (the price of chromium fluctuated, like any commodity).
So here's MY generalization: The best way to assess the quality of a bike involves looking at everything with an educated eye, not just one detail.