That is what I have always heard from people who have done both (have also heard similar comments for Pacific vs Caribbean diving). I have never had the privilege of diving SE Asia or the Pacific though.
(Western) Pacific and SE Asia are just different sides of the same coin, the Wallacea "Garden of Eden" that spreads its diversity through SE Asia (Indonesia, Malaysia, Philippines) and the Western Pacific (PNG, N. Australia, Fiji, Micronesia). Hawaii and French Polynesia are both a bit too remote to have inherited very many of their cousins to the west. By the time you make it all the way around the world to the Caribbean, only a handful of species are left.
For example, on my recent trip to Wakatobi, I managed to shoot 11 different nudibranchs and 6 different types of anenomefish (pink, orange, tomato, Clark's, true clown, false clown). The reef health is amazing there too, versus Bonaire's sewage and runoff impacted corals (but that doesn't necessarily hold true for the entire region).
However, Bonaire's diving is excellent for the Caribbean. I definitely wouldn't call it WalMart. The price is only low because it attracts do-it-yourselfers, so perhaps Home Depot is a better analogy? The Caribbean is good because it's close. I can get to Bonaire in 2 hops from L.A., one 3.5 hour and one 4 hour, totaling 7.5 hours of airtime and a few more hours on the ground - obviously it's less for those who live closer to Houston or Atlanta or Newark. Wakatobi, however, required an 18 hour flight then a 4 hour flight then a 2.5 hour flight, actually exceeding 24 hours in the air just to get there!