It depends on the specific model, whether or not it's any better than a stock clocked card. There are 3 "general" model types.
There's the reference design. These are the original nVidia/AMD designs that are shipped to the board partners when the model's released. Usually a solid design and is often the first one sold as an O/C model. Sometimes on release day itself you'll see some O/C'd reference designs with minor O/C's. These probably aren't even tested in any way. They're just clocked up 10 to 20 MHZ and shipped.
There's the cheaper OEM models. These are the ones that show up after the original launch models that typically sell for less. Cheaper PCB's, cheaper coolers, cheaper voltage regulators, etc. These are worth less money and cost less to build than reference designs, regardless of clocks.
There's the premium builds. These will be the ones with custom multi stage voltage regulators, improved coolers, custom boards with more features, etc. These are the cards that are worth paying a premium for if you plan on O/C'ing. On some models it's the only ones I would buy.
In the end the only way to guarantee a card will run at the specified speed is to buy it clocked from the supplier. Even then some don't run stable out of the box, above and beyond your typical DOA product which you can still get, and would need to be RMA'd for a replacement.
There was a time when all aftermarket designs were individually tested and approved by nVidia and AMD before they were allowed to be sold. I don't think this occurs anymore. There's some minimum testing that the design has to pass to meet certification, and that's it, AFAIK.