I would think the 'cheak $200 gauges' dont even use wideband signals, or if they do, anyone in their right mind should know what POS they're buying.
The accuracy of the sensor can only be relative to its position and exposure to gases in the exhaust stream, and to the composition of those gases. And then also to the controller/sensor/gauge setup driving and using it. You use 10% tolerance roughly-close components, your accuracy will be off.
Besides, it is mainly WOT we're interested in, whereas PT the PCM has much more of a variability in the readings by the way its changing the a/f all the type. And we usually use the w/b reading as a general reading anyway, as to what our system is doing, so we're not running lean.
Those tooners who use tailpipe sniffers can do so accurately IF and only if they know precisely how off they are in reading the exhaust in that particular vehicle. The good tuners will use their own sensor/setup in the proper place. My tuner prefers to remove one of my wideband sensors and use his, until he's verified that mine are just as accurate.