Could be, but at the heart of it, the snobs are not really prejudice against junk masquerading as bicycle. They are prejudice against poor people who can't afford an $800-$1500 decent bike. The people I know locally who ride Wal-Mart bikes tend to all below the poverty line or young children who are still growing.

My current bikes cost $1,700 and $3,200. As a child, my bikes were $60-$80 each. My family was poor AND I was still growing.