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Its one of the primal needs. Its why some companies are so effective at selling Veblen goods to status seekers. When I was growing up, I got abercrombie/american eagle because it was cool to girls. Today teens get Apple/Nike products. Not that any of these actually change your status, but the marketers were able to sell that idea/feeling. As an adult, you see people buying/leasing Tesla's or more expensive cars to do…
I think it does change your status. If you go on a date a pick a girl up in a Hyundai and test her with an Android phone many will have a different opinion than if you text with apple and pick her up in a audi.
If you can't easily afford an iphone or Audi, someone who can lease an audi and have a payment plan on an iphone looks like they have money.
Where once you make 6 figures, these seem like just another car/phone. Heck, when you buy cheap veblen goods like an Audi/iphone, it makes you look like you are compensating for your lack of income. Even 250k cars are barely impressive to a 6 fig earner because they can afford it too.
To a 6 fig earner, a hyundai and android are just the best tools for the job.