Matt, I seem to have struck a raw nerve and that wasn't my intention.
No, I have simply seen similar attempts to describe the psychology of audiophiles before, and I pipe up because they do not seem to me to be accurate. Though it is also of a piece with an issue I have with much of on-line commentary, where people tend to have a hard time seeing beyond their own values to the rationality of people acting on other values. So for instance, someone who values sonic accuracy doesn't value vinyl playback and leaps from his own criteria to poorly reasoned psychoanalyzing of why others buy vinyl "must be just nostalgia, or trying to be hip." Which is often a simply inaccurate analysis because this person doesn't really understand the motivations/values underlying the choices.
Your OP at least suggested to me it was edging on this type of fallacy, where from your perspective (I infer) certain audio gear offers very little "substantial" performance gain or change, and therefore you go on to attribute some *other* motivation to explain why people are buying lots of high end gear (vanity, aesthetics etc). But if it's the case that the audiophiles-in-question DO perceive substantial audio differences (even if it is objectively small but subjectively important to them, or even if they are merely imagining it), then they may be motivated by the sonic upgrade more than vanity or aesthetics. It's hard to put yourself in their place, if you reject a possible basis for their motivation.
I don't disagree that audiophiles are motivated by nuances in sound reproduction. I am just pointing out that they are human and are as easily swayed by aesthetics and prestige as anyone else is. Very few people admit they are influenced by these vanities but I don't know anyone completely immune from them. In my experience, these vanities become more prevalent with increasing price.
Sure we are influenced by aesthetics. As I said, I highly value aesthetic appeal (again, particularly with speakers). Is that part of the purchasing motivation for some or many audiophiles? Sure. We love gear. Gear looks cool to us. Different types of gear look cool to different audiophiles.
But as I argue, it's generally not the *main* driver of purchases for audiophiles, even among aesthetically sensitive audiophiles (there tends to be more than one option among aesthetically acceptable gear to choose from, and it's generally purported audio performance driving the decision in most cases).
Dunno about this "prestige" stuff. Most people I know aren't audiophiles, so my gear doesn't have much "prestige." And even if I like the looks, I don't expect other people not interested in audio to swoon.
As a point of curiosity, is there anything in your system that you consider to be butt ugly?
I could have pointed to a couple of items in past set ups, but in my current set up, I think all the items look nice or acceptable. (Though I didn't choose a few of the items on looks at all, it just happens they look decent).