Design + Cost + Materials + Processing = Engineering
I've never liked the idea that cost and design are assessed independently...
In the real world assessing the quality of an "engineering" job is the simultaneous assessment of design, cost, materials and processing. Design features such as rod ends in bending, single shear upright mounts, control arms loaded in bending, trade-off in suspension kinematics can ALL be validly justified when you take cost, materials and processing into account. They might be bad/inefficient designs, but if they make a significant cost saving, then they are solid "engineering" choices.
Conversely, I think that "engineering" points should be subtracted where designs are unnecessarily expensive or where an extra cost has been incurred, but no performance advantage demonstrated. An example could be a complicated rapid prototyped upright which is not lighter, or stiffer than a machined alternative. It should be marked down in design for obvious reasons, but I think it deserves a double hit for not properly considering the cost and processing.
In the end though, the overall assessment still needs to be performance biased. A flawlessly executed 120kg full composite machine with a 75kW custom drive train which can pull 2G in cornering should rightly be assessed as better than a well designed 150kg steel brown go-kart making 70kw from a well sourced commercial motor that can corner at 1.8g even if the performance/cost is much lower on the first example.