I think it is worth making the point that there is a difference between well engineered but expensive equipment, and snake oil (or expensive ringers). As I say I like companies like Accuphase and Benchmark as they make well engineered, well made equipment, it isn't cheap but at least you can see where the money has gone (and not all of it is accounted for by low volume manufacture). Both companies also have an enviable reputation for after sales support and spares availability, product repair and servicing etc. There are other companies offering well engineered and well made equipment (I miss the old Sony ES range which fitted into that category). Is such equipment worth the cost? In terms of audible performance no, you can get audibly transparent equipment for a fraction of the price. However, quality of design and construction also has a price and if you buy this gear for the long haul then it starts to look a lot less silly, like I say my Sony ES gear has given me over 25 years of pure pleasure and I still see no reason to replace it, if you look at it that way then buying pricier but well made gear does make sense in my view.
However, I think we all know that the hi-fi market is awash with over priced snake oil (cables, power chords, cable supports, power supplies to name just a few), high end gear which is not well designed and made (I tried that game in my youth and was very disappointed in the shoddy fit and finish and poor build of many audiophile brand components). Then there are ringers, a few years ago Mark Levinson bought in $200 amplifiers from China, slapped a Red Rose sticker on the front and did good business selling them at $2000 (helped by glowing reviews from reviewers who probably wouldn't wipe their backside with the things if carrying the honest original Chinese brand name. Or buying a disc players, putting it in a new case and increasing the price by $$$$$$$$$$$$$$$$$$$s. If people buy this stuff then it's their choice (in a free world freedom has to include the freedom to do things others might consider dumb) but it is when I look at that side of the audio industry that I understand why parts of it have such an image problem and I have no time for such practices personally.