Well this is a mix of genuinely weird or harassing gifts, and people with expectations that are far too high.
I've had some odd secret Santa gifts but didn't expect a Proper Present, so just said thank you and forgot about it. Eg monogrammed hankies are not my style (or century) but someone took the time to find something personalised so I took it in the spirit that it was given. I would dream of taking it as a personal sleight that someone didn't care enough about me to get something that I wanted. Because, well, I'm not five years old and have empathy.
Some OPs think it is Scrooge-like to regift or spend under the limit, but perhaps you don't know the financial pressure other people are under. As a work acquaintance you aren't going to be someone's first priority.
When my DC were small we had a very tight Christmas as I had just returned from maternity leave and every penny was accounted for. We had tonnes of nieces, nephews, godchildren, etc to buy for too and I remember wanting feeling sick with anxiety when I got pressured into doing a work SS. I knew I wouldn't give anything decent (had to be a regift or nothing) and probably wouldn't get anything great either (it was a set of wind-up racing grannies that year).
I just remember thinking 'what a waste' a waste of my time and my emotions; feeling guilty for having to give something shite and angry for being put under social pressure. A waste of effort for the organiser when no one was that into it. And a waste of a present for whoever bought for me. They'd even spent over the limit on plastic tat that went straight to a charity shop.
Thank goodness for lockdown and the death of enforced office Christmas fun this year. I'm especially grateful not to be organising the office meal and the handwringing and haggling over splitting the bill at the end. There were literal tears over that last year!