As a leathercrafter who knows what leather costs, I can tell you that you will not get a full grain leather belt for anywhere near that price. As was mentioned in another comment, if there is a thin leather coating on it they can call it genuine leather and that is likely what was peeling off. If you buy a real full grain leather belt blank you will pay around $30 for a 1.5” strip. Add in a buckle, dye, finish, and someone’s time. Look for items that say they are top grain or full grain, not genuine leather.
Here is a link to a good article that explains the differences.
Full Grain Leather vs. Top Grain Leather - What’s the Difference? | Buffalo Jackson