It's OK. Not the end of the world to have a bad logo. It can evolve. There are plenty of examples of this evolution from bad to memorable. When your resources are thin, put them where they matter. But, put two equitable products up against one another and it will matter.
It's not about money. Big budget logos can suck too.
Often simplicity is the beauty of it. For example, simple code that works effortlessly isn't necessarily creative but it could be and when it works, it's beautiful. Because it's simple should it be cheap? Expensive? I don't think there's a correlation there.
This is not a logo. Ok, maybe in today's world of photoshop=designer, but typing the company name, setting it in two opposed weights, two complementary colors and adding a bit of cliche clip art over (of course) the 'i' ...does not make a logo that is worthy of praise.
Does it look terrible to most people? Probably not.
Does it look good to anyone? Probably not.
Memorable? Probably not.
If this were my logo, would I be bragging about what a great logo I have and for $30? Probably not.
Obviously there's a market for both approaches. Designers say they cringe at this type of work, and I do, but we've done it to ourselves by lowering the bar without anyone sticking up for the standards.
And you want to talk about a trade war? Another topic for another time.
Not necessarily the end of your business/career if you can market your value-add but a threat none the less.