An objective answer: wall panels are not a waste of money, but they suit certain scenarios.
Strengths: fast installation (3-7 days), dry construction, can overlay old walls, moisture- and mold-resistant. Limitations: unit price slightly higher than paint, and colors cannot be changed locally later.
- Best for: quick fit-outs, old-house renovations, commercial spaces;
- Not ideal for: projects chasing premium texture or on very tight budgets.
Wall panels are widely used in commercial fit-outs. The "IQ tax" controversy mainly comes from cheap, low-quality panels and poor installation — avoidable with the right product and contractor.