(My humble opinion and a lengthy explanation follows, this is not an attack or provocation of any form)
TL/DR: No and no. Price can be justified for appearance/prestige if that is what you desire. For boutique products (probably six figures or more), you pay for their reinvent-the-wheel engineering, likely at the cost of objective performance compared to mainstream products, rarity, and marketing or overengineering to ensure an extremely esoteric (read niche) product can turn a profit. If that is what you want and are happy with, then (IMO) there is little room for criticism.
No, I don't think spending so much on anything is foolish so long as it doesn't put you in financial jeopardy (ie. you can afford to do so comfortably), the purchase was thought out (ie. not an impulse purchase), and there is some justification in doing so.
I think justifying the purchase of an expensive piece of equipment, even if it, on paper, is objectively worse, can be broken down into a few factors:
- Appearance/prestige, even in lieu of performance/practicality - I think, ultimately, that a speaker is a piece of furniture. It sits, takes up space, and serves a function. Good looks are desirable in furniture. In the case of these speakers, that includes the complex geometry and exotic materials utilized in the construction of the speaker. The curved design and higher quality materials used on the Revel speakers cost more to produce than a box that may be found on the average three figure floorstander. The glossy finish on the front and the complex stand also cost more and are more complex than a simple box on cheaper designs.
Think McIntosh vs a plain metal box class d amp that
does its job. the McIntosh unit likely costs close to 10 times as much and the latter. What are you paying for? The cosmetic appeal, the brand prestige, and those iconic blue meters, despite the measurements on this forum embarrassing the McIntosh unit so hard its meters could blush red with embarrassment

.
- (over)engineering - boutique electronics that start from scratch (read reinvent the wheel) and discrete r2r dacs come to mind. These products
accomplish what mass market electronics do, and perhaps perform worse than them, while costing magnitudes more than comparable products. Your money goes to the (rather impressive) engineering feat/extra work involved with making these products functional and perhaps comparable to mass market products. They then have to distinguish themselves through various means, such as unconventional construction or definitely-not-biased reviews, which is also funded by your hard-earned $$$.
The aforementioned analogies involving watches and cars also fall under these principles.
For watches, you can compare the costs involved with purchasing a two figure quartz watch, a three figure mechanical, and four or more figure mechanical. Two figures gets you a decent performing quartz watch that will keep accurate time (ie. if it deviates more than one second
a month every two days it's almost certainly a dud). It may look generic and is most certainly mass produced, but
it does it's job. Three figures gets you a functional mechanical watch. It will keep worse time than the quartz, likely deviating up to 20 seconds per day, but you can appreciate the engineering that went into it. Four figures or more will likely get you something from a name brand, with higher accuracy, more refined design and styling, and likely some prestigious branding (Omega, Rolex, etc). Pay prices on the order of a new car and you can get handcrafted, limited run, and esoteric watches. Do any of these watches keep better time than that quartz watch? Very likely not. But they are still desirable due to their style, workmanship, prestige, rarity, and the engineering necessary to create them.
For cars, the average commuter car will have good fuel economy, high reliability, accessible and affordable service, and practical design. They are not speed demons, gas guzzlers, or limited run supercars, but they
get the job done. More of your hard-earned cash will get you luxury features such as nicer interior, more power, tuned (read louder) exhaust systems, classier style, or branding associated with prestige (BMW, Audi, Mercedes-Benz). These cars may be less practical (2 seats, less cargo) or use more gas, and accomplish the same basic job of commuting and traveling, but now in comfort and luxury. Go up more or less one magnitude and you find exotic cars with esoteric styling with marketing focused on design/exclusivity, excessive and overengineered powertrains, and limited production. The upcoming Koenigsegg Gemera comes to mind and serves as a comparison to boutique electronics in audio. The Gemera has camless piston engine, the first of its kind in a "production" automobile afaik, 10x the horsepower of the average commuter car (civics, corollas, and similar sedans for the US), impractical top speeds, a 300-unit production run. The design is unconventional to say the least, but draws attention and IMO looks pretty nice, especially compared to other designs from the same market bracket.
There may be other justifications for the purchase of such esoteric, exotic, and pricey products, but I have listed and explained the main ones in my view.
I also do not believe this splurging on the part of our (dare I say, beloved?) host represents a blatant disregard for science. Sure, there may be better choices based on objective measurements, and perhaps some
subjective experience voodoo magic (potentially unexplained) psychoacoustic effects present during listening to different pieces of equipment, but I believe Amir made an educated choice to purchase the various components in his system based on a combination of objective measurements and subjective experiences regarding the sound and aesthetics of each component prior to purchasing.
Of course, only Amir himself can tell us the decision-making process behind his system

.