Some years ago (late 1980's0 I bought a Lomo for my sister, it was a reasonable camera capable of quite reasonable/highly quality results.

Since then the name has become a term loosely describing some types of lower end camera and unfortunately they are being marketed at higher prices than they deserve, as are the rebranded films.

The upside is they have stimulated a demand and if you go to flea markets and camera fairs you see many film cameras being bought by young people, and they are after the lower end cameras as well as better models.