Good point
Bill Tindall, E.Tn.
I don't know much about the people that bang on metal as a hobby, or business, but it seems that some/most? like to repurpose metal as an important consideration. How else to explain the many knives I have seen made from RR spikes or the demand for worn out files.
Then consider that the goal may be a tool that looks good and performs adequate and maybe doesn't cost much . For some/most? the goal may not be to make the best performing tool, achieved by selecting the optimum steel.
However, when it comes time for the finals on Forged in Fire the contestants seem to pick a piece of virgin steel optimized for the task, and not something salvaged from the junk yard. (I have only watched a few episodes so maybe my conclusion is not broadly correct).
If the goal is to make something adequate, or to practice making something, I can understand starting with a cheap raw material that will work, or even to see if it will work.
There are dozens of kinds of steel because there are thousands of applications where an optimum property(s) is desired. Minor constituents down to a fraction of a per cent are optimized for this or that application. I would think that a leaf spring steel would have to have superior fatigue resistance, an irrelevant consideration for a chisel. Toughness at high hardness would not be an important property for a leaf spring while it is an essential property for a chisel. Then add home forging and heat treating requirements. And there must be others.
I am reminded of turners. They turn anything for practice or fun. But if the order was for Croquette balls and mallets to sell or to be personally used by a serious player one would want to select a species of wood that was optimum and specify its moisture content. The analogues raw material "skids from used pallets" would not be an informed choice for these products.
Again a topic I have little experience with, but it seems that Japanese chisels are primarily "white" or "blue" steel. I have not heard of these forgers bashing out chisels from Toyota springs and discarded files, but maybe some do.
The bottom line of it all, when it comes time to forge chisels to be keepers or to sell it would seem prudent to select a virgin steel optimally suited for the forging, heat treating and properties for ultimate use. This steel is not going to be some repurposed scrap of presumed composition. But for practice, or fun, or garnering Utube revenue, springs are trendy.