Sure a lot of stuff is high status crap (like the LV weekender bag that was torn apart here:
https://www.youtube.com/watch?v=EktumN7N5l8).
But your comparisons don't factor in total cost of ownership and usage, and in fact many quality brands you do pay up for quality and better cost of ownership.
I can wear crocs at home. I would look disrespectful wearing them to a funeral. I can wear Alden anywhere though I might be overdressed for many occassions.
Aldens can be resoled and repaired and can last decades, the cost-per-wear can be very low. And many models of Aldens can be sold for a pretty penny (as an example these https://www.ebay.com/itm/394665864763 still go for nearly $300 even after years of wear). So if you bought Aldens new for $500 and wore for a decade and sold for $300 your cost per wear would be lower than that of the crocs. You would also be doing better for the environment by reusing the clothing and requiring less total material for your feet over a lifetime.
This also applies to a very few select watchmakers (and in fact increase in value). A Rolex or Patek Philippe has essentially beat inflation and would be considered a smart investment that made you money even while you wear it. A G-Shock would not offer similar returns.
Actually a lot of quality clothing can be like this. I thrifted a Tom Ford shirt for $40, wore it for a decade to weddings and funerals, and then sold it for $150. Certain makers are heavily discounted on second hand but retain their value. Borrelli shirts are some of the best on the planet. Would I pay retail? No. But you can buy them, wear them, and sell them second hand and pay virtually 0 to wear them over time.
Furniture is one where I've yet to find cheaper furniture paying off. A lot of particleboard furniture is awful. And it's all over Wayfair. The stuff I've had passed down or that I've bought that's lasted decades are all from North Carolina furniture makers. Not all of that stuff is expensive or high status but it is well made.
Expensive things are not always bad. Oftentimes the price is not justified. But it's not exclusive.