Music lovers buy audio equipment to listen to their music.

Audiophiles buy music to listen to their audio equipment.

The people who buy truly believe that it is what it says it is. The mind is a powerful thing, and it is often (mostly) bought by older men who do as a point of pride. It does absolutely no good to try to explain to them why it can't do what it says it does, they have so many escape hatches that they can jump out of any one of them. It doesn't really matter though -- no matter how much the people selling the overpriced crap might be scumbags, the people buying it wouldn't be donating the money to a hospital or something otherwise. These aren't gambling addicts who are spending the money they need to pay the mortgage, these are rich old men with more money than sense.

You're getting downvoted, but this is exactly the reason people buy it. There is even an economic term for this phenomenon: https://en.wikipedia.org/wiki/Veblen_good