Earlier quoted context omitted.
>Excluding fancy schools (which I believe aren't exactly a good thing), none of those things were inspired by "aspiration" in the sense being used here. They were inspired by genuine need. Is sending out status signals to attract a mate or business partners a genuine need?
That depends on what mean by "status signals". If you mean attending a fancy school or owning trendy stuff, then no. Most people manage to attract mates and get business partners without doing that.
For example, "fancy" (I assume you are referring to selective schools) provide the utility of providing an easy way to discriminate between those who have the traits to get into those schools vs those who don't. Seeing as how they have vastly higher levels of economic success, I can only conclude it's definitely providing utility that someone wants (or "needs").
Similarly with fancy cars or whatnot, it can serve as a proxy to quickly ascertain someone's socioeconomic status. Obviously, a copy of one's credit report and statement of accounts serves a better purpose, but it's not the recommended method for various reasons.