Wallets are a very good example of an industry overrun with inferior "leather-based" products. "Genuine Leather" may as well be the brand name of the shittiest fake leather sold on Earth, because I'd bet that a majority (>50%) of "Genuine Leather" products on the market are complete bullshit.

The cost and brand name of a product mean nothing. You can buy a $10,000+ "Genuine Leather" wallet, claimed to be "handmade" by a top-5 wallet manufacturer brand name... and chances are it's all lies. They sell too many wallets for them to be handmade, so the fact is they use sewing machines with the cheapest labour they can get away with. The company is physically incapable of tracing the chain of custody of their leather; they'll tell you to your face it's "genuine" (bonus words for "locally sourced/farmed"), but that's a game of Operator/Telephone 10 players deep to the point where nobody remembers the truth.

tldr; Most leather, including "genuine leather", is anything but. That includes the largest brand names; in fact even more so, because the demand for their products is too high to secure any kind of guarantee of quality regarding sourced materials. How many large-scale manufacturers of leather products are willing to legally sign on the dotted line that they can prove which cow and farm any given wallet came from? Exactly, and that's 21st century capitalism at its core.