My take? It's another way people make themselves feel good. I do it. Just not with crazy, overpriced, vintage gear. I have few nice things, and not afraid to admit that part of it is show.
It can also be a place to park some investment money, if not for your own retirement, for your kids. And while it's appreciating in value, it can hang on your wall, or be on display in your man-cave, for friends to marvel at.
Personally, I try to be practical with spending money, just not when it comes to guitars or trucks. Those are my 2, don't-care-if-it's-more-than-I-need, it's-what-I-want, indulgences. Even the Axe Fx III might be in that category...