In AZ, doing a rebuild is basically nothing. It's a level 3 inspection that seems to focus on it having a mirror, tail lights, headlights, horn, and--a big deal in my state--a plate light. I'm pretty sure branded title and home-built are the same on that. I had to do a level 3 on a trailer with a defective MSO and it was forever branded as "home built" or whatever the actual words are.
The used car market is total insanity right now. Just like the offer I got that led to the Gladiator, two of my friends got stupid offers to get something new for barely over trade-in. And trade offers sight unseen for high book.