I am a cook, so I'll try to create an analogy in that regard.
I have every intent of creating knives in the near future, but one of my concerns is how to label them. I do not feel that if the characteristics that make a knife great(instead of good) are in the steel itself, then I can't really take credit for making the knife. I wouldn't open a can of Campbell's soup, throw some basil in it and tell someone I made it.
That said, there is significant investment and risk in heat treating steel, considering without VERY expensive equipment it is easier to screw up a great hunk of steel you got, perhaps stock removal is a more democratic solution. The geometry and overall design of a knife is at least as important as the steel's heat treat(both of which far outweigh the steel's composition IME), so that is something to consider. I know if someone is making knives with steel heat treated, or even sourced from a respectable origin, I would consider the knife a good buy if well designed. Perhaps it is just as valid as making a tomato soup in the winter with canned tomatoes.
After all, I don't know how it must feel to spend years learning to handle the raw steel, purchasing very specialized, high-dollar equipment, master centuries old techniques to massage a hunk of steel into a performing object--and then have someone say "That has too much belly for me, no thanks."