Yeah that's true, but I don't see that as much different from people buying and wearing expensive clothes, or jewelry, or a Rolex, etc. A lot of people do that sort of thing just for the attention. Nothing new or unusual about that. I always wonder what kind of attention they think they're getting though. Whenever I got something nice and showed it to people because I thought it was nice, more often than not the reaction wasn't necessarily positive. I could tell they weren't happy for me because they were thinking about themselves, and the fact they didn't have (and maybe couldn't have) whatever it was I was showing them. It didn't make them feel good, and as a result I didn't feel good either.
I learned a long time ago that showing off was generally not a cool thing to do. Nowadays, depending on where you live, it's getting downright dangerous.