I think often, cheap and out of spec go hand in hand though(R&D, quality engineering and production, testing & quality control, and quality materials are expensive). I would guess one has a much better chance getting an out of spec or poor performing cable from the likes of a random Amazon company vs a premium American one but, that's just a guess and I have nothing to back that up.
With HDMI, "super fancy cables" MAY get you better all the things I listed above though and that can make a difference but, only to a point. Better materials, tighter tolerances, and better quality control can lower failure rates and improve spec compliance. Better shielding can make a cable more resistant to interference you may have in your room. Tighter tolerances on connectors can keep resistance constant and and prevent corrosion over time, as can higher quality connector coatings and base materials. Better quality control and testing can allow less duds out into the wild. Etc...
It is not just black and white and simply a matter of if it works, meets specs, or doesn't. Remember too that specs are a minimum and can(probably should) be exceeded. There is added value in some premium HDMI cables imo but, definitely a cost of diminishing returns and I think that is probably at the lower end of Audioquest's product line(just because that is who this thread is about).
Just to throw this out there too... If one was using a cheap under performing cable that was having some of the issues I described above caused by data loss then a better cable could theoretically increase the performance over the cheap one quite a bit. They may end up with an increase of some of the properties you describe as the poorly performing cable was hindering them before. Just something to think about...