Not really as much "cheapo" as "solid generic."
Schwinns were outside the reach of myself and most of my friends.
Our "bike shop" was the local TrueValue, Ace, or Coast-Coast stores.
Their bikes lasted as long as most bikes, and were not collector items, just bikes you could ride.
They also used generic parts, available at the same stores. Schwinns did not.
The bikes were solid, dependable, and simple.