Some thoughts:
1)Life is hard and humans respond to that in a variety of ways, like desire for prestige. However prestige is one thing that can be given and received freely as well. Compliments are a great way to build a culture of cost-free prestige. It’s not always about climbing the stack rank.
2) Consumption as prestige is a trap created by marketing, but at the same time a signal that works well in some cultures. Signaling you desire more let’s leaders know you are hungry to grow. You can think of this as unfortunate, but it’s very real.
3) Sometimes it is just nice to have nice things.
I find the desire for external prestige dies when your internal sense of prestige grows. You see many wealthy people become unconcerned with showing off after achieving real goals in the world. That being said they still live in mansions and drive exotic vehicles.