Don't think it's as easy as that Neil. For sure it goes on and today Angling marketing is very sophisticated and exceptionally good at getting us to part with our money. No question.
But quite a lot of us have fished from being kids, used 2nd hand crappy gear cos that's all there was/ we could afford. Then got jobs, mortgages, marriage, kids, no job, debt and all that stuff. And it's a been a progression to top-end gear, in my case a 40+ year progression. And who knows, circumstances might force me to sell my gear?? We live in a very strange & unpredictable world.
Said it before I work and when I can I fish, - really boring. So I like to buy a few rods and reels here & there. Certainly don't do it for the benefit of people on here or for my peers on the bank. They couldn't give a stuff. But how people spend their money is their prerogative and their business and I don't think it's all about ego.
I bought a guy's complete carp set-up a few years ago and he must have paid thousands for it. All because of a chance conversation and I'd wanted some Delkim alarms for donkeys years and could never justify buying them.When I went to check it out and spoke to him, it transpired he'd had a horrific industrial accident and as part of his recuperation and therapy he used the compensation to start carp-fishing and he went at it in a big way and money wasn't an issue. He then nearly died of a blood clot and then contracted cancer and was simply too ill and weak to carry on fishing. No doubt he'd been seduced by buying nice gear but if it made him happy, was it a bad thing?
But you are correct that the fish too aren't bothered and even the cheapest modern rod will catch barbel for a time.
It's also true re John Wilson. I fished with him for 2 days at his home in Thailand shortly before he passed and all his gear was putting it mildly, well used and none of it expensive.
His rod pod fell over every time we got a run, and his alarms barely worked, but we still caught plenty.