In some ways this whole argument cuts to the heart of what the hobby is about. Is audio equipment a tool to facilitate enjoyment of music (or spoken word, or movie/TV sound tracks etc), or is buying equipment the hobby? If you want something to just facilitate listening to material without feeling that the equipment is coming between you and the material then you really don't have to spend much. Even for speakers, good but modestly priced speakers can perform really well if well set up. And on headphones, despite the rush into ever more expensive models and embracing lot's of audiophile snake oil gimmickry you can buy a pair of headphones which will perform as well as (and better) then anybody needs for a remarkably modest cost given how silly prices have become. Sennheiser often sell B stock HD6x0 models at very attractive prices and plenty of dealers run offers on them, ditto for good models at similar price points from AKG, Beyerdynamic, Audio Technica etc. I've even listened to a few sound bars lately which actually performed very well and allowed me to enjoy music without feeling that I was being short changed by listening to it played through a sound bar.
On the other hand, some undoubtedly see the equipment itself as the hobby, and there is nothing wrong with that. I always say that despite recognising that it is not necessary to buy such gear if only wanting to enjoy music that I would like an Accuphase set up or a Benchmark DAC. That may sound contradictory, advocating that if you just want to enjoy music then a lot of hi-fi stuff is basically hocus pocus and then saying I could happily buy stuff from more expensive producers but I do think that good industrial design, build quality, tactile feel and the satisfaction of knowing the product is the result of a real depth of engineering brings a pleasure of its own. What I wouldn't claim is that I would buy such gear to get better sound quality as audibly transparent DACs especially really do cost peanuts. I like the March Audio DAC as that seems to sit in a very nice sweet spot of great industrial design and at a price which is very attractive, offering the tactile feel of expensive products for a price which isn't silly.
If people do enjoy the high end of hi-fi then that is entirely their prerogative. If they enjoy it because they value status symbols (similar to expensive watches and shirts with a crocodile over the tit), or for exclusivity, or for the design and feel or simply because, well hell I got the money and it's my decision how I spend it, then fine. Nothing wrong with any of that. What I do object to is pushing ideas aimed at convincing people that expensive = better and cheap = crap in terms of sound quality.