Is any of that OK? No. It's just not surprising.
There have been specially expensive editions of the iphone before, and they were chucked on the bonfire of e-waste long before.
They do this by presenting an aura of exclusivity to certain products, usually gating it by being expensive and hard to acquire. Trying to suggest to people that "if you buy this: it is a signal that you are wealthy! people will like you more!"
New wealth tends to fall for it, especially those that become wealthy quickly like lottery winners. This also disproportionately affects hip hop artists who become famous (or used to).
"Flexing wealth" is yet another way that people are trying to extort money from the gullible, but it's effective.
Because there are some signals of wealth that rich people could use to distinguish each other, but it's never flexing brands or bling.
Like your name on a college building or prominent museum, or building a 400+ ft superyacht.