This is exactly the anticipated behavior, so not exactly ridiculous. As mentioned many times, the USB-C specification allows for two types of cables in terms of wires present: charging and full-function. All cables are required to have the USB2 wires, but only full-function cables are required to have the USB3 wires.That's where I found myself. Have a bunch of name brand cables such as Anker cables rated for 65 or 100W PD.
But they all are only good for 480 Mbps speeds. Ridiculous.
I got two short cables with two Samsung SSDs. When I use them on my M1 Pro MBP, the speed in noticeably better. Replace one of them with the Anker and it chokes, takes minutes for 5-10 GB of data transfers, which is not even a full day of shooting RAW files.
It seems most of them are being marketed now, at least on Amazon, for charging specs, not data transfer speeds.
Given that so many devices with USB-C plugs use the connection only for charging/power (whether that means it doesn't transfer data, or people almost never transfer data using the connection, e.g. smartphones), it isn't unreasonable to have a cable type that can support that usage properly without requiring the extra cost of those wires that are never used. The only issue is that cables aren't as clearly marked as they could be - aesthetics (e.g. cloth-wrapped cables) take precedence over clarity unfortunately.