If you take inflation into consideration, high quality products still exist at about the same price.

There's another side to all this. We used to have appliance and, specifically, vacuum repair shops. Sometimes, the latter were franchise operations by manufacturer/brand. Electrolux and Oreck had stores that also did repairs, to name two. The business model had a lot in common with the auto industry at the time. To me, that stands as a cautionary tale of how things can get twisted around to cost the consumer more money in the long run, not less. I think it's an important consideration, as old designs/patents were from and for a market serviced on all sides by this business model. But we can do better. If such products were designed to be user-servicable, there wouldn't be a strong need/want to capture breakage as another revenue center.

So, we can absolutely bootstrap a new "buy for life" economy, but I think the downstream user hassle, repair, and secondary costs are crucial to consider.

Its just that there are now MUCH cheaper options now.

This is the part people keep ignoring. I keep calling it "realizing the actual cost of things." Nowadays, you can buy cheap, but you're going to get something fragile and packed-to-the-gills with surveillance and advertising. To get what grandma had (e.g. a refrigerator that runs for 50 years and just keeps food cold), anything cheaper than the inflation-adjusted equivalent costs you in other ways.

Meanwhile, over in the hobbyist and professional tool world, we've been saying "buy nice or buy twice" for a long time now.