I don't have a problem with a cheap bass that has been rebadged as a Fender, as long as nobody tries to sell it to me.
It just shows the bassist has a bit of penis envy for a real Fender.
It also shows that they are happy to fool other people and possibly themselves.
A decent bass remains a decent bass, no matter what name is on the headstock.
It is also a valid comment on the rising price of Fender basses.
I lent one of my basses to someone on what turned out to be a long-term loan. It came back to me from the person I had lent it to (dropped off by someone else) suddenly with a 'Gibson' logo on the headstock. It does make it so I don't feel like taking that bass out, especially since I bought a similar real Gibson inbetween times. I can't restore it to how it originally was, as the original brand nameplate was discarded. No wonder he didn't bring it back in person.