Not sure if their rarity affects quality, more like affecting price, but just because chips are expensive doesn't mean it's garbage.
That's a fairly common misunderstanding. Rare Earth elements are not actually rare. They're quite plentiful. They're just difficult to separate from the minerals around them. They're abundant but difficult to process.
Scientists, of whom I suppose I am one, are horrible at naming things. For example, both 'dark matter' and 'dark energy' have caused so much confusion over the years. When people say that true randomness doesn't exist, we cite things like 'Bell's Theorem', but nobody knows what that means. It gets even worse when you have a bunch of specialists communicating. They use jargon that is gibberish to others, even others who work in a similar field.
I guess it is what it is, but I figured I'd mention this. Instead of calling them REE, we could have said, 'hard to process minerals'. That would actually explain it. People would actually understand that. Alas, nobody listens to me. I suppose that's for the best, but this is one of the things that annoys me. It strikes me as 'gatekeeping' to an extent, even if unintentional. (I'm not entirely sure that it's unintentional, at least in some cases.)