Don't think I've ever read a properly produced ebook. Page breaks fall wherever and formatting is dictated more by my size/border/etc choices than by whomever "produced" then book.

Nevertheless automatic typesetting and formatting have existed for decades! TeX and LaTeX are ancient and produce better looking results than any book I've ever read on any of my ereaders, and those aren't the only tools in this space.

Whatever people are paying for such "production" seems wasted.

I converted ebooks into PDFs specifically formatted for my reader size and typeset in the fonts I like. It had proper kerning, hyphenation, widow/orphan control, drop capitals, etc.

However that PDF is not reflow-able (or changeable in any way) once it's on the device, and that's not what people are buying ebook readers for.