My take on it - it is much more fun when someone takes a frame and do the opposite of "up-badging". When it comes to almost all vehicles the "sleeper" is my favourite. Something that looks innocent but turns out to be something else when...
A wolf in sheeps clothing is much more fun than a sheep in wolfs clothing.
Making a sleeper out of a vintage upmarket/rare/sought after frame would also cause an uproar - "how in h-ll can you take an XX and do that!?" The perpetrator would of course have to defend his/hers actions in this case also. But maybe more in line with "it was wasted and not possible to repair as an original."
My Monark is a wolf in sheeps clothing. This one however done back when and both the brand and the maker were in on it as with many team bikes over the years.
