My crib here isn't about those who can afford it. It is about folks (specifically in India) who actually can't afford it and are pushing through for the "prestige". It's their life, but that they would prioritize it over .. well ... living ... Makes me turn laser eyes on Apple marketing.
I see what you are saying, but if it wasn't Apple many of these people be buying cars, jewelry or other luxury products to show off their wealth.
It's just a matter of disposable income, you really don't have to be "so rich" to afford a $2k phone every year.
A guy I know bought the base iPhone 11 Pro model for $1400 in my country because he needed it for the 'ecosystem' and because the cheaper iPhone 11 wasn't 'good enough' for him while not even having an iPhone-specific use case