Swiss army knives are surprisingly good value when you start comparing them to alternatives. They're quite well made and consistently well finished. I take it Victorinox has the process down to an art. You can do a lot with a simple SAK despite their relatively small blades and soft steel.
I think Victorinox's supremacy in that space is due to the fact that no one else can achieve that level of refinement at the same price-points.
I have a MLM Malga, for example, which is an SAK clone with a powder-metallurgy M390 blade. It's about $125 in the USA. It doesn't have a direct Victorinox analogue for its tool set, but might compare somewhat to the Tinker - which is a mere $32. The Malga is purported to occasionally have issues with fit and finish (mine is pretty good, but the blade rides a little low when closed, making access to the nail nick a lightly more deliberate affair than on my SAKs). Good luck finding a Victorinox knife that isn't perfect.
Is better edge retention, a slightly larger size, a fork, micarta scales and a stonewash finish worth an extra $100? Probably not rationally.
On the other hand, isn't spending a lot more for marginal gains something that most tool enthusiasts are willing to tolerate? Husky and Nepros sockets both turn bolts. Crescent and PB Swiss screwdrivers both turn screws.