Wrong. The new TEAC and TASCAM cassette decks are good-quality products. The mechanism is made of metal and the actual measured wow & flutter is comparable to many vintage decks. They implement DNR for playing Dolby B NR encoded tapes. And the actual measured frequency response is actually better than a vintage Denon deck from the 1980s:
New Type II chrome-equivalent tape is now being manufactured. So far the quality isn't as good as vintage Type II tape but they're still working on improving the formulation. And most people using cassette tapes today don't mind a bit of background hiss -- it's part of the charm of the format, like the pops and clicks of vinyl. If you want audio with a totally silent background, that's why digital was invented!
Remember that when vinyl first started coming back in the late 2000s, you could buy cheap portable record players and expensive DJ and audiophile turntables, but not much in between. It took a while for a robust selection of good-quality entry-level and mid-range turntables to become available again. If the growth of cassette tapes continues (it may reach one million sold in the U.S. in 2022) then it will follow suit.
In fact, the new cassette decks that are available today are having trouble staying in stock because as each batch of them is shipped to retailers, they keep selling out. TASCAM even had to stop production of their CD/cassette combo deck for a while because they ran out of enough parts to make them!