This is why "Kraft singles" and "Velveeta" isn't called cheese, or "I can't believe it's not butter" and margerine isn't butter, or "Miracle whip" isn't mayonaise.
If it's honest on the packaging though - like over here we have "olive oil blends" for cooking - then it's fine.
Also also, olive oil is a fruit juice, technically, :p.
"pasteurized process cheese spread" is fake cheese.
Velveeta is "pasteurized prepared cheese spread", which is made-up term with no definition, used for fake "pasteurized process cheese spread".
Or it's the opposite - if you can put £1 worth of oil in a bottle selling for £10, you've made a huge amount of profit. On the other hand how much can you really save on a bottle selling for £2? Yeah economies of scale and all that, but at the end of the day it's probably worth targetting the more expensive product(there's a reason why watch fakers make fake Omegas and Rolexes, and not fake casios(although I'm sure those exist too)).
I didn't mean that lower smoke point is a show-stopper, just that all else being equal a higher one is objectively better, as is a lower price.
But I also cook a lot of Indian style food, which doesn't really want or benefit from the flavour, and occasionally deep fry - which does call for a higher smoke point.
That said this was in a common US grocery store. It may not apply to really high end artesenal type olive oil generally bought by people who it wouldn't be worth to adulterate.
Also, it's worth noting that there a lot of places along the supply chain where things can be adulterated, and the incentives aren't all the same for every actor along the chain.