It is the same with phones. Glass or Machines Aluminium are supposedly "premium" despite that they easily scratch and break/bend/shatter, are heavy, make it difficult to implement core features like antennas, etc etc. I think "premium" just means "expensive", as in, "look at my conspicuous display of wealth, I can afford to spend money on materials for my phone which are entirely unsuitable when considered in any objective way". Give me some robust plastic any day.
This is how it is with the steam controller. Valve made the "mistake" of constructing a controller that is light and strong, from plastic. A handheld device being light is a GOOD thing. But everybody complains of it being "cheap" - perhaps they should have made it from machined aluminium or gorilla glass or something absurd like that.