I've encountered that same scenario even with factory HEI, several times - lol. It probably isn't "Chinese manufacturing" so much, as an unnoticed "gap" between the distributor cap's carbon button and the rotor center wiper contact, a 'gap' between the carbon button and the coil terminal due to a 'sprung' or missing contact spring, a bad coil (as in perforated insulation), or a poor dielectric seal between the coil and cap from a missing or uncompressed gasket. I tuned up an engine with HEI one time that had the carbon button and cap burned similar to yours - that is, similar except for the 1-1/2" diameter cavern where the button was supposed to be. It ran great and had a textbook perfect scope pattern! Haha. Couldn't believe it!
I agree with Zieg. Replace the cap and rotor. When you remove the coil to transfer it to the new cap, look closely at the underside of the coil and inspect it for evidence of heat stress and arcing. Don't reuse the coil if the insulation appears compromised. When you install the cap and rotor, smear some dielectric grease on the carbon button and lock the cap down onto the distributor housing. Then, remove the cap and make sure the carbon button is making contact with the rotor's wiper contact by inspecting for a witness mark. You may need to arch the wiper contact upward a little to ensure there is no gap. You should also smear a little dielectric grease on the eight high tension terminals that protrude inside the cap.
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You posted a comment that caught my attention: "... the Delco has the voltage drop resistive wire in line with it which drops the B+ down to about 8 or 9 volts." Rest assured you do have HEI, yet HEI uses no such resistance wire. Explain what you mean in greater detail or post a pic.