My regular commuter bike was salvaged from the local dump, so was probably a BSO in its former life. I repainted it (not necessary, I just didn't like the colour) and changed the rusty cables and greased the bearings and it's currently still serving me well. I've changed a lot of parts on it since then, but that's always been due to me being a tinkerer, not because anything broke. In doing so I've probably spent a considerable amount, which some would find silly on a cheap bike, but I now have a bike that is well suited to my needs. I'd probably still have ended up changing parts on a brand new bike.

I'll agree though, some of the utter junk being sold currently can barely be described as a bicycle. More like a toy bike that's left in the shed for most of the year, used a occasionally until it breaks, then thrown away.