This is an article about why people covet luxury goods, pretty much all of it applies to bikes and expensive bike components.

Fairly lengthy but worth a read, imo.

If such purchases are motivated by status enhancement, they become positional goods: their value is determined by what other people possess. This inspires a powerful critique of consumerism. Status is a zero-sum game, and just as countries in a literal arms race have to strip away resources from domestic priorities, the figurative arms race that economist Robert H. Frank calls “luxury fever” takes away from individual consumers money that would be better spent on more substantial goods, such as socializing and travel. It is hard for people to opt out.

http://bostonreview.net/forum/paul-bloom-lure-luxury

on more substantial goods, such as socializing and travel

I’d say that’s now very outdated.

Socializing and travel could be just as much viewed as enhancing your social media profile as they are about traveling (or socializing) just as much as buying another bike is about showing off rather than because you needed another bike.