I have lived in big, affluent, American cities and suburbs and have seen plenty of excess. Just because a lot of people drive luxury cars, wear $5,000 suits, Rolex watches, or any other luxury does not at all mean that society around them accepts it. They just tolerate it.To be clear I live in the US and have lived in big cities for most of my adult life, so maybe my perspective is warped... it could easily be that other cultures have very different opinions about this. But I honestly don't see it. Where and when are people being judged poorly for spending a lot of money on hobbies / luxuries?
I know people don't like hearing about niche hobbies they have no interest in. Nobody wants to be told everything about why a speaker costs $10,000 except another audiophile. But the price alone doesn't seem to be socially unacceptable to me - unless you need to tell someone "no, can't afford the other thing you want" as a result.