I think mega-cheap was the main idea - at the time of development this was only a few years after Serpell and the 1982 strikes and the Thatcher government (and the nation in general it seems) didn't care too much about trains.
I think the use of standard bus components helped keep cost to the minimum, but many of these hadn't been used long term on the railway and failed quickly, so much so that by about 1988 something like half the fleet was out of service awaiting parts (mainly transmissions) They do seem reasonably reliable now though they have been heavily re-engineered.
I recall the pacers when first introduced seemed very fast off the mark, albeit the violent gear change, deafening squealing and general bounciness used to give you a headache after a while - they are not as bad now as they used to be. The DMU's they replaced on the other hand were just so variable in quality, the 101s, 108s, were good. The 104s and 105's had been neglected, some were very poor indeed.