Depends on what one means by skimp. I don't think a person NEEDS anything ultra expensive to do a basic bike tour but there are some things that should be "reliable" so the experience doesn't become a series of negatives.

Good tires help so that you arent fixing flats all the time. A tent that won't break, leak or rip apart in wind is nice. Clothing designed to be quick drying and perhaps less stinky helps.

For sleeping bags and mats I would be ok with bulk if it saved weight. To get light and small begins to cost a lot and isn't really needed for normal touring.

Rain can also play havoc with moral on a tour so good rain gear or some sort of plan to dry off is important.

Personally, The greatest comfort is having a tent that is easy to set up, warm dry clothes to change into and a comfortable bag/mat to rest in. You can undergo a lot of hardship if you know you have that to depend on each day.