Are we looking for status or sound quality when we buy kilobuck audio gear?
Some earphones and headphones cost more than some (mainly used) cars but does it take that much Research and Development (R&D) to get "high-end" sound quality. Even if we consider the cost of R&D, materials and manufacturing processes, relative to the numbers of cars sold compared to audio gear, does it justify the actual price of some audio gear? Maybe it does (justify the cost) but I would argue the value is primarily from the status point of view, rather than on the sound quality.
As we are all aiming for the best sound quality we can afford, ultimately, it could be a question of what we can afford as individuals, nothing to do with value.
I think when someone reaches the point after having auditioned many hundreds of headphones, and many of the $1K+ headphones around, then it quickly becomes clear that you don't like most headphones at any price point (subjective).
If money was no object, there are VERY few headphones I've heard above $1K I would personally consider owning.
The only one I REALLY enjoyed that springs to mind is the Sennheiser HE-1 - but that did actually have a considerable leap in sound quality, whereas some $1K+ headphones were only incrementally 'better' than the $400-800 range.
Objectively very often, so-called 'high end' headphones make a jump forward in one area of sound reproduction, while sacrificing multiple others (resolution, tuning, soundstage, imaging etc)
Probably depends who you ask, but it's fairly well established at this point that to develop an objectively good headphone does take considerable R&D and good design.
And the price/value just comes down to 'is it worth it TO YOU' - which is the reason why I mostly bought 2nd hand or vintage headphones... historically speaking, I own 5 'flagship' headphones, but most people today wouldn't give them a 2nd look, maybe not even a 1st look - but the kind of sound and enjoyment they give me was well worth the relatively little money I spent on them.
That's not to say I don't enjoy owning some rare vintage models... kind of like the 'status' one might feel about owning a certain vintage car?? I can only guess.
Normally I might say "as long as you're having fun, that's the main thing, right?"... but as long as people keep buying 'status' level headphones for exorbitant prices, the makers will keep bringing even more expensiver, newerer, betterer, headphones to market - which I'm aware is a considerable gripe of the masses - however we are still enjoying a sort of headphone-rennaisance that is bringing some absolutley stunning headphones into the 'low-fi/mid-fi' (urghghg... I hate that phrase/concept) market.
I think I agree and disagree with both sides of this coin.