I am going to try to give a slightly different perspective than the other answers.
To start with, I am going to make a few assumptions, based on what you said in your question:
You are not (yet) an experienced camper, else you would have decided on your own. Furthermore, I am going to assume that means you are likely not (yet) considering highly technically-demanding camping expeditions.
You may need to get other camping gear as well.
You don't have an unlimited budget, but since you are looking at high end gear, you can spend some money.
Shop by needs/budget, then features
People have been giving you all sorts of reason why a $440 sleeping bag is a worthwhile investment. But, at this point in time, do you need it?
How likely are you to actually need a 32F rating? Are you doing winter camping? That's a whole different kettle of fish and I would get experience with warmer weather trips first. I camped for years before I went winter camping and even then I spent quite a lot of time researching before actually setting out.
Do you need that ultra-lightness? I've done multi-day hiking trips, up to 5-7 days, some with a lot of elevation gain. While 1-2 pounds less is always welcome in a 50-60 pound load, I wouldn't spend a ton on it. Better to be disciplined in what you bring rather than spending tons on extra-light equipment*. Weight saving, in camping gear as in cycling, is where the prices really start to bite.
Of course, if you are a mountain climber or are doing long trips in really cold weather, then that becomes a totally different calculation and you can disregard this answer in its entirety.
Get less features, but better quality.
The manufacturer and retailer won't be selling at a loss, distress sales excepted. So, if you see an average price of $150 for a sleeping bag with your general list of features and another bag at $25, you have to wonder what shortcuts were made to get to that price.
To get to $25 vs $150, the vendor has to cut corners somewhere. They may be citing inflated features. The materials may not be high quality, or there may not be enough of it (lightweight and fragile parts) , the assembly might be cutting corners in methods used.
Quite often, really cheap gear gives out after only a few trips. Friend's mountainbike that broke derailer hold on first trail run. Friend's backpack whose strap broke on first weekend out. My own experiences with the store-brand equipment I got from a reputed coop camping chain here. Except for 1 tent that lasted me 10 years, all their stuff fell apart within 2-3 years max.
So, a well-made $100 bag that is a pound heavier than the $150 version, by the same credible manufacturer might be a better bet to save money. Or go up to a 40F rating and get a good sleeping bag mat. A well-made cotton sleeping bag, with its known shortcomings vs down might be better than a same-price, cheaply-made, down equivalent.
The China manufacture? Eh, not as meaningful as one might think. Arcteryx, an extremely pricey, but high quality clothing brand used to make everything in Canada. Now, mostly the design is done here but the manufacture is mostly in Asia. Has the quality gone down? Well, they still offer a lifetime warranty and I don't really think so. Certainly, can't say the price has gone down much either. You may have other reasons for not buying foreign-made, and that's fine.
Really high end gear? Probably not worth it starting out.
Yes, people will tell you about that $600 tent they got 20 yrs ago and are still using. Or their ultralight all-titanium cutlery. Like clothing or bicycles, there's quite a lot of bling, tech snobbery and brand mania in camping gear (to be fair, extremely pricey is, occasionally, justified by either the gear or what you use it for). Thing is, a 20 yr old tent is probably way behind the times on materials and design used so it wouldn't sell for anywhere near that price now. Even branded gear isn't always the best, especially when the manufacturer is expanding into new equipment lines.
Right now, if you are purchasing a lot of equipment, it's all going to compete in your budget. Get something that covers your needs and that can reasonably be expected to last 5-10 years. Don't be too cheap, don't be too ambitious in the features you shop for, unless you have an identified reason to splurge for that feature. If you want to save, try doing so at sale events, like Black Friday, rather than getting really low end gear.
Be careful shopping branded gear at big discount retailers. Sometimes a manufacturer has no choice but lower their standards to sell to a big volume chain. One example I saw quoted in a DYI home reno book was American Standard, the bathroom manufacturer, having special lines at Home Depot. Their toilets there are just not as good as elsewhere, though cheaper.
I'd stay away from a $25 sleeping bag like the plague. It's a disposable, few-use, item and will result in you having to buy a replacement in short order, thus resulting in a $25 loss, rather than any savings. Quite likely it will also make whatever trip during which it fails a rather unpleasant experience. I would also stay away from a $440 luxury/super-technical bag because you likely don't need it yet (I know I still don't) and will not see a return on your investment. When you have more experience, by all mean, shop for high end gear when you know what makes sense for you.
* when I first started camping, I made spreadsheets of what to bring, as a reminder. Over time, I started debriefing after the trips, marking what I had actually used. Excellent way to save weight, just don't ditch safety gear on that basis.