To say that a bladesmith can make a good knife or edged tool out of crap steel is blather. The converse is also not true, that a poor blade maker can make a great tool from good steel,..... not if it's not hardened and annealed correctly.
None of what I said is blather good steel doesn't automatically make a good tool anymore than exotic hardwoods make a good table, and the converse is also true, lower end steel's don't automatically equate to a poor tool any more than a table being pine makes it a crap table.
Let's compare a few chisels, the Harbor freight set and a set from Veritas. Now, the harbor freight set is advertised as "high carbon" but doesn't actually list the grade. Fortunately, that's easy enough to narrow down. On a commercial scale, 50% losses are unacceptable, so anything water-quenched is out, so no 1095, w1 or w2, etc. This is harbor freight were talking about, so anything pricey is also out, so goodbye 5160 and 5100. The last few of the really common high carbon steels are 1050, 1075, 1080 and O1 tool steel, and of those the O1 is the most economical, so not a far stretch to say that the chisels are O1 or a very close grade.
Coincidentally, Veritas also uses O1 steel in their chisel line. Since both chisels are using the same steel, they should be equal in quality (blades, not handles), right?
And on the good blade/poor steel side of things;
The first video is a group of guys making a sword out of recycled safety scissors, hardly an excellent blade steel. The second is a guy starting with a bar of pure iron, which isn't even steel, let alone a good blade steel, and making an excellent blade from it with proper preparation. I'd love to be a fly on the wall when someone tells a room full of ABS certified master Smiths that they made a crappy blade because they didn't start with the latest supersteels