I also try to cover up logos when I can, but that's the thing: to many, it's not seen as an ad, but rather a form of expression. Having an expensive brand might signal to other cyclists that one is supposedly more experienced, or more serious of a cyclist than people with cheaper bicycles (in reality, the skill is what counts, but the brand focus is what the companies want you to believe). So, it's supposedly a feature.
More examples in the winter fashion industry: supposedly, to wear a Patagonia jacket says you care about sustainability; to wear a Canada Goose jacket says you have a quality coat and can afford it; while to wear Arc'teryx means you're a pro outdoorsy bloke prepared for extreme weather. A lot of the price comes from people wanting to communicate stuff about their identity.
(Slightly off-topic, but the cheapest and most functional way to stay warm isn't a parka, but wearing multiple layers, e.g. a base layer, a puffer jacket, and a waterproof windbreaker.)