I've been (...) coming across claims of "xyz competes with much higher priced gear". Is any of this true?Outside of cost not object, are there some high end makes that are better for value for money or is this just hype?
This is something I've thought about as well and discussed at legth.
First off, I think it's important to differentiate between the ultimate top-end and the rest --
IME, at the top end of the manufacturing scale, the SQ is incomparable as is the build quality. Whether it's useful, commendable, or necessary to our survival and musical enjoyment is another matter

! But forget about giant killers here...
For the rest, I believe the statement can hold true in exceptional cases only. Furthermore, such exceptional cases where the cheaper model outperforms the dearer one, the price differential does not necessarily point to greed; rather, it is usually the result of a compromise somewhere along the way allowing the manufacturer to lower production cost -- or a matter of synergies & large scale manufacturing (e.g Harman Group) which, as mentioned above, allow for lower manufacturing & thereby lower retail cost.
The recurring theme of the "giant killer", however, is mostly a fiction in my book. In the past I followed such enthusiastic ravings by reviewers, only to find the said giant-killer smothered by Goliath (unlike the biblical example) in no uncertain terms!
I love to see the little guy beat the big, arrogant, wealthy, entitled, etc as much as the next guy -- but deep down I hope that when my speakers grow up they will become Lumen White Lumyere, or Alexandrias, or Magico M6 or... you get the idea

That said, I am happy with what I have and grateful for the musical moments it offers me