It seems to me that audiophiles fall into at least one of these mindsets:
- They have lots of money and want to buy the most expensive, coolest looking, most hyped gear from old American or European brands. This is just expensive fancy furniture in their homes that they can show off, but they still do want to believe this shiny furniture is "the best" and not technically outclassed by some cheap Chinese stuff or plain looking studio monitors.
- They want to recreate the sound they grew up with: vinyl with tube amps
- They enjoy the gear itself, rather than the music. They have made a hobby out of cycling through all kinds of different, popular, cool looking audio gear. Proper blind testing is usually an uncomfortable thought for these people as it makes them question everything and could bring upon the end of this "gear-fi" hobby.
At least that's what I've picked up after just a decade of attending shows and talking to such people, along with forums and Discord servers. Someone recently told me that the price of audio equipment is the single best indicator of their sound quality, and that, "There's no correlation between measurements and sound quality." Some of these people have truly questionable sanity. I believe this person falls into #3 above.
Data and objective performance seems to be catching on slowly though, thanks to research and publications like this paper on DACs. Audiophoolery will always continue to exist, but considering the quality and affordable products that SMSL, Topping, JDS Labs, Schiit, Gustard, Drop via partnerships, and others have been consistently putting out for years, we're in a pretty good place when it comes to consumer audio electronics.