well the way I understand it, If you order a "fender" replacement part you are getting their product. I assume they are identical or at least close enough for fender to license them as such.
The quality is top-notch
As far as playability versus a squier or an american/japanese/mexican, I really couldn't tell you, I don't play it I just record it
I'd have to ask my bass player. I just know it's a damn fine looking/sounding bass that was embarrassingly cheap to build.