After Updating to High Sierra, my bluetooth headphones have terrible sound quality
Solution 1:
Facing exactly the same problem, repairing/rebooting won't work.
But after I switched the mic setting back to Internal Microphone
the standard audio quality is back. I guess the audio quality is degraded while the mic is active.
Solution 2:
one option is to enter the following command to the terminal
defaults write com.apple.BluetoothAudioAgent "Apple Bitpool Min (editable)" -int 40
The number 40 might not work for you, try working your way up by running the command with 40, 50, 60 etc. and re-connecting your headset after every time running the command. My JayBird BlueBuds X started working normally at 60.
(https://lifehacker.com/fix-your-bluetooth-audio-in-yosemite-with-this-terminal-1670380974)
Another option that has worked for some people is to set the input device to the internal microphone in Audio settings
(https://stackoverflow.com/questions/37901761/bluethooth-headphone-music-quality-deteriorates-when-launching-ios-simulator)