By their design they generally have SOMETHING. Otherwise they wouldn't function. However, that is no guarantee of protection for your components.
Those specifications are more to protect the power supply. You can still have a short circuit somewhere in a system, as long as it doesn't exceed over current or cause an under voltage condition (which not all supplies have) the PSU will happily provide power. So 10 amps across your hard drive is of no concern to the PSU, while your harddrive will be melting/exploding.
They can cheap out on the wiring (thickness) and non-soldered connectors (only crimped, actually quite common). Quality control is another big deal, instead of a burn in test, they might just see if it powers up, and immediately send it off for packaging. Loose screw, damaged in shipping, fire waiting to happen.
On the positive side, it has been a while since I have seen a listing for a truly fake power supply. With fake transformers and the like. Probably still exist though.