A good engineer provides value to society. If they fulfill requirements that are bad for others then they are not good engineers.
I seems to me that there is also a social dynamic to things. If consumer grade products become a race to the bottom then it is going to become more difficult for regular people to purchase products which aren't low quality. There's also a degree to which society (e.g. in the form of government policy, cost of living adjustments, etc.) factors in differences in prices.
The fact that poor people can now afford to own some household appliances isn't a huge value to society?
It completely changed the way our societies operate. I think it is a good thing that people have the option to buy crappy washing machines, rather than being forced to use the washboard and bucket my grandmother used. Yeah, they sometimes do develop a bad belt, or the timer mechanism might fail. But it beats being unwillingly forced into homemaking as a career.
The world only has so much wealth to go around, and that isn't the moral quandary of the engineer picking an item on a BOM on Tuesday morning to fix. If anything, squeezing a few more pennies out of that BOM is going to lift some people at the fringes out of poverty. At the opposite end of the product value equation, every unused and functional component in every product that is no longer in service, is wealth that is wasted that could have been spent elsewhere.