Much of this is psychology. Placebo effect is powerful and the very best is reassuringly expensive. Some truth in it because top-end technology is costly, but whether the top-end is worth paying for is much more dubious.
However, we feel better buying 'quality', even when we have no idea what we mean by the word. A tiny edge often makes the difference between winning and losing in top-end competition, and the edge might be lost if the competitor is even slightly unsure of his equipment. At that level it's worth paying extra for sooper-dooper bearings, but we would clearly be daft wasting them on an cheapo Bandsaw!
Buying over the top roller-skates may be laughable, but surely we see exactly the same behaviour on this forum: chaps rushing to buy expensive measuring kit they don't need, faith in battered second-hand gear because it has a 'quality' brand-name, or believing industrial best practice is essential to hobby success. And the opposite: 'expurts' know nothing, H&S is a waste of time, blokes in offices are fools, and old methods work better than new ones. Beware belief and opinion, they are a pair of silly fibbers!
In the first instance Engineers must make evidence based decisions, but we have to admit the Customer is always right. A product's purpose may making someone happy, not providing the most economic answer. If a hi-fi aficionado believes gold-plated speaker wire makes Jazz sound better, why not feed our children by making him what he wants? And if applying a massive mark-up to our dodgy cable 'proves' it's superb, who are we to disagree? Everyone is happy – his musical experience is enhanced because he believes it sounds better, and we've earned a crust.
Dave