Just to add something to your very well crafted and perfectly reasonable argument.I suppose there are some out there that use Leica as a status symbol.
I doubt that is the majority. To people that have enough disposable cash, they don't really need status symbols like a camera....to those type folks this is pocket change.
I'm not rich, but, but right now with no kids (that I know of)...and not having to deal with WAF on anything, I have disposable income.
I bought the M10M...because I was very facilitated with shooting digital without the color array and the images it produces with increased low light performance and the better graduations of luminance that you really can't seem to get out of a regular color digital camera.
It has been a life changer for my photography, I'm learning now, how to try to "see" scenes in shades of luminance, without color and its really fascinating. I'm often finding that images that would be boring in color, can be fascinating in B&W. And I dunno what the deal is, but many times, my M10M images seem to have almost a medium format look to them.
I have a medium format digital and it's strange how a full frame camera seems to have that look some times.
I don't need status symbols. In fact, one of the reasons I bought the M10M, is because it has no red dot...no perceptible branding at all. Likely as not, most people that see me out, thing I'm carrying some old fashioned point and shoot.
[. . .]
I'd say most people fall for buying "status symbols" in some way, it's just the price barrier is different. It may be a car, a bike, a computer, a phone, a kitchen appliance, clothing, you name it, but I'm pretty sure we all have that one thing that, all things being equal with other options, we bought because it is a "enter brand name". I can't afford a Leica nor would buy one even if I could, but I do have overpriced Patagonia , Fjalraven , and other outdoor brands items for which I paid more than it is reasonable just because I enjoy them and I feel cool wearing them. Probably even more stupid in my case when I'll probably only be seen by birds and foxes with no sense of fashion
I genuinely don't see where the problem is with people spending their hard earned cash in whatever the heck they want, as long as that money is earned legally and morally, and spent on things that are mostly legal and mostly moral, but that is a completely different can of worms that shall stay sealed.