What the person looking for the lowest rate is actually saying is this: “I don’t give a shit about either the work or the people doing it, so I’m looking to hire a like-minded person.”
As with so many things, you will — for the most part — get what you pay for. Yes, there are always exceptions. You might catch an up-and-coming freelancer who doesn’t have the portfolio yet, but has the talent, and you luck out and get great work at a low rate. However, it won’t last, and that’s why it’s the exception, rather than the rule.
It is exactly the same thing with the stock market. You may catch an undervalued stock before it skyrockets, and buy a ton of it — thus making a huge profit. But this is so much the exception, rather than the rule.