Wealth is ownership, ownership is control of value. Allocating more (not all) value away from SaaS companies and into food security or education is a good thing and would make things better for everyone.
I do agree with what (I think) GP might have been trying to say though. Conspicuous spending itself is not a problem. Way rather have the ultra wealthy buying yachts that deciding to be a wealth-proportional amount of everyday commodities.
You are already doing that with your votes, the American government is already investing massive amounts into education and food security. Private investments would never do this, even poor people wouldn't invest in poor ROI endeavors, poor people invest in the same things as rich people they just invest less, so the wealth of the rich doesn't matter.