Still the same water they could get from the tap.
But the barstock and MIM parts are clearly not the same. While there is an element of marketing involved, the water in the bottle and the water out of the tap are just packaged differently.
If a company was selling a MIM slide stop in a silk purse and charged $10 more for it than the same part in a bubble pack, that would be a valid analogy.
One manufacturer putting both MIM and machined barstock parts in the same packaging, but charging more for the latter, is a different story.
I'm sure Coca Cola has a bottled water; does it cost as much as a bottle of Coke? Both are beverages, but one requires more processes to create a final, packaged product. If I saw both on the shelf, and they were priced the same, I'd conclude that the Coke is worth more than "just water", but if the water were less than half the price, I might decide the water was good enough, and I think that's the way most people look at the relationship of MIM to machined.