That joke was played on the US market by Japan in the 50's and 60's, taiwan in the 70's, and now again by China. It is an all right set if you use it around the house to take apart toys and household stuff and really don't need to use it for anything mechanical or automotive. If you need to use it for anything with more than about 20 ft-lbs of torque, you risk having it break or round off, and you slip and cut your hands on something sharp nearby. The first time that happens, you wish you had spent 10 or 20 or 100 times as much on a good set. If you cut yourself severely enough to require some medical attention, the cost will exceed the best tool truck set you could have bought.
I'd buy a set appropriate for the kind of work you do. If you have some low torque household stuff to use it on, buy the $5 one. If you do occasional car repairs, buy a $25 to $50 set from Napa or other mid-line house brand. If you will be using it heavily, or in high torque applications, buy a good truck brand set or industrial set, they will be a good investment in the long term. Looking back on 40 years of use, my investment in Proto and Snap-on replacements for the SK and Craftsman stuff I started with was a good investment. The set like you have that I bought as a teenager to work on my first car is so long gone, it isn't even a memory. However, some of the scars on my hands from cheap tools before I learned are still visible.