Depends on the quality of the workmanship and materials used.

They serve a purpose to change the feel of a room, in our house we have 10 foot ceilings and the tray gives the room lower ceilings so it feels cozier, so it's not just about some random design.

Andrew Howard does a lot of ceiling stuff (tray, coffered, slightly vaulted and wallpapered, etc) and I think they look cool. But that’s a design style I like and I appreciate others may think it’s fussy https://andrewjhoward.com/portfolio/chapel-hill/

The people answering here don’t seem to have any experience with design… or even simply looked at recent design publications. Tray ceilings, especially when painted a color, are very much trending. The builder grade tray ceiling of the 2000s and 2010s, which is deeply recessed and boxy, looks outdated. But there are many ways to do a tray ceiling.

We do not like either one. To us, they look goofy. We do like nice crown moulding.

Builder here. From a practical aspect, vaulted ceilings are absolutely criminal with respect to hvac efficiency. Always a bad idea to cut into the attic. I could go on and on but you can Google.

We have coffered ceilings in our early 1900s house that the architect thinks are original. They look great but probably because they are the right scale and such for the room, and it’s not one of those huge open floor plan areas. Not sure. We like it though and we def don’t live in a McMansion