The older Bianchis are popular due in no small part to their storied lineage, ridden by il campionissimo Fausto Coppi to Tour and World Championship wins.
Yes, lots of cheap mass-produced Bianchis out there, but this was pretty common for the Italian bicycle industry. During the Merckx era, one of the hot bikes to own was a Gios, as ridden by Roger de Vlaeminck. But the Gios race bikes had nothing in common with the mass-produced bikes the company was better-known for manufacturing in Italy.
Usually, the top Italian race bikes of the time will have a small sticker that announces "Reparto Corsa," (racing department), the special shop where the bikes are actually handmade. The chromed or clean lugwork is also a giveaway. Italian bikes of the era used the simpler Prugnat spearpoint lugs, while many custom-made English or French bikes would have used the Nervex lugs with lots of filigree added, which enhances their visual appeal. Also, look at the dropouts; the good bikes will have forged dropouts, the cheap bikes will have stamped ones.
It was also a practice during the 70's and 80's for the Italian frames to have rather distinctive fork and stay ends - they're sort of chopped off at the dropout, while English and French frames have the fork and stay ends domed. American frame bulders generally adopted the chopped ends because they're so much cooler, and show off the thickness of the stays.
Luis