From my understanding, Blue Point items are mostly (if not all) items that Snap-On doesn't make. Still high-quality items, often imported, and can usually be had for cheaper elsewhere. The line is what it is today to make the trucks more of a "one stop shop" for mechanics. It doesn't make sense for Snap-On to manufacture all the odds-and-ends type stuff like flash lights, testers, etc.. I have a few Blue Point tools (Snap-ring pliers, USA...Rivet tool, Taiwan) that are both good...but I have seen both identical products sold under different names for less money.
Snap-On does the same thing with a few items too, such as pullers which I believe are Lisle and hacksaws (Bahco, a division of Snap-On) etc. You can't assume that all Snap-On tools are made in USA anymore, either like most people do. I have Snap-On tools from Spain and Sweden, and have seen them from China. I have never used Blue Point hard line tools (pliers, screwdrivers, wrenches) so I wouldn't know...but they look decent. It's hard to find a bad full-polished combination wrench these days (unless you're bmwpower).