I find the Panerai box (light brown one) very well made, box and papers. If you have a PAM with seconds @9, the papers will be perfect (as the certificate comes with "petites secondes" description)
But basically you're right, probably more than 50% of the boxes that are sold are of cheap to hardly decent quality, and papers feel like garbage.
For having tried many (so sick I am in my approach to reps), I found most I bought being garbage (or arriving already scratched of with a flaw), but had very good surprises on the Panerai one, Vacheron Constantin "leather like" and also on the black IWC one (the white being the worst thing I saw).
I'm displaying my collection in watch winders, but enjoy to own about 10 rep or gen watch boxes (coming from *bay), for decorative purpose in my watch room
Which is sure is that the prices asked are usually outrageous. I would not buy at full price. If you have a preferred dealer, try to negociate while buying an other watch, you can get them for half to a third of the price. And still that's probably 5 times more than what they're worth :lol: