It's all about brand recognition and brand loyalty. Your father used "Channellock" pliers, so you're going to use them too.
Price and product quality aren't even a close second or third to brand recognition - that's why SBD paid such an insane price for the "Craftsman" name.
Real-world example:
We carried "Armor All" in all of our stores.
Right next to the "Armor All" we also carried the same sort of product made by STP, Radiator Specialty, The Tannery, and a couple others I can't recall at the moment.
I could put the competitor's brand right next to the "Armor All", price it at one fourth the price of the same size "Armor All", and the "Armor All" would still outsell the other stuff by a ten-to-one margin.
Uncle Harold and I played the same game with other products we carried. Same results - brand recognition is everything. WD-40, STP, Gumout, GUNK and others hold onto their market share on brand recognition only, notwithstanding competitive products of comparable or better quality and lower price.
Personally, I think Wilde makes a better product. It's a bit higher in price, and they don't have the same market penetration or distribution network as Channellock.
I'd love to be able to do a side-by-side comparison between the two, but I do not own any Channellock product.