Well, the first risk is they probably have poor quality capacitors from China or Taiwan instead of the quality Japanese ones. A capacitor is used in a power supply to regulate or modify voltage, and cheap capacitors will fail quickly (it'll leak a liquid) and then it could cause an unstable voltage that can damage your components. Low quality power supplies might not even have a transient filter meaning electricity coming in will not be filtered properly, and it could also send dangerous electricity out to the wall that can damage other electrical devices in your house.
They also will typically have no surge suppression, as well as poor ripple and voltage regulation which can cause harm to components. In addition, poor efficiency so...