But it is neither a new thing, nor a specifically Chinese thing. I worked for Ford in the early '90', there was an entire department called 'tear down'. Whenever a new model or variant was released by a competitor or an existing model had something new added the team would go buy one of the cars. They would then strip the car down to the individual component level to determine if there was anything that could help the Ford engineers improve functionality or maintain functionality at a reduced cost.
I do understand as you are somebody that develops product it is offensive. Many of those that put time and effort into developing new products will not continue to do so if their ideas are copied by others. Some of the premium price charged by innovators is frequently recycled into more development of innovative products.
As you say there is only any point in making the cheaper copies if there is a market for them.