I know models and technology probably has changed, but about 5 or 6 years ago I was looking for a pair of "budget binos" and went to Cabela's to try a few out. I don't remember all the specifics of the other binos but I looked through everything Cabela's had in the similar price range of the 10x42 Vortex Diamondbacks. Since I was more concerned with price than anything, I was looking at dissimilar models so this really wasnt a 1 to 1 comparison at all from magnification or objective size standpoint so take this as a grain of salt.
Anyways, I remember looking at Vortex, Nikon, Leupold, Cabela's brand, Stiners...the two that were closest to my price range and as well as wanting 10x, I narrowed it down to the Vortex Diamondbacks and some model of Leupold. Looking at these side by side in the store, the Diamondbacks kicked the pants off the Leupold's. The Leupold's were "nice" for the price range but they were not as bright seeming or as clear. This was long before HD binos were a thing but remembering back, it was like looking at HD with the Vortex but standard def with the Leupold's.
Personally I dont think they can or probably care to really compete with anything on the budget price range (at the time I was looking several years ago). They probably just rely on people that greatly follow their scopes to just buy their binos out of brand loyalty. I constantly find myself going back to Leupold scopes, I think they are very good (by no means the best) and like what they have to offer...with that said, I would just look else where for better binos. Things might have changed and could be a difference experience for the higher priced binos. However, if you are specifically in the market right now, it seems like some of the big guys are either updating their lineup for the year, are planning to or are having year end sales. I have seen some good deals on binos right now if you are ok with getting "old" models of things. Some Vipers are less than Diamondbacks right now.