Powdered metal is actually capable of superior metallurgy strength if done correctly. I think the key is cost, it's done as a cost cutting measure in most consumer products so it is done in a manner to maximize cost savings. Cost cutting is not also how you get maximum quality.
I work with cold work tool steels....swiss cold work tool steels. Bohler makes popular cutlery steels as well, Elmax being one that I believe is powdered. They have an entire product category that is powdered metal and the properties of the steel are fantastic. They are superior to any tool steel created with traditional wrought processes, it's all about grain size, mixing and carbide distribution.
That all being said most consumer level powdered metal, sintered, MIM is shit, or at the least inconsistent.