There's an entire industry that revolves around turning leather scraps into pulp and then recongealing it into sheets.
This can legitimately be sold as 'Genuine Leather', but it's not anywhere near the quality of Full Grain Leather which is cut from the original hide. It's a bit like the sausages made from mechanically recovered meat.
This is the stuff that is often used for watch straps, bags, purses, wallets and belt linings, cheap ladies leather gloves (that split because the stretch isn't quite right) shoe insoles and bonded leather used on furnishings like storage boxes that are fashionable at times.
If it doesn't say Full Grain, and doesn't come from a Maker, then it's not as good as it might be.
cheers,
Toddy