Does high-priced/top tier luggage really make that much of a difference?

I always see people recommending hella expensive luggage + toiletry bags + backpacks here.

I can understand backpacks, but…

Is there really that big of a difference when it comes to your carry on on toiletry bag?

I've been using a $39 Walmart carryon for almost 3 years now, and I can't seem to fathom why people are dropping $225 on Away carryons.

Am I missing something?