Now I would take slight issue with this as you're omitting the other end of the equation, the rider. What an accomplished rider, and I'm not one, may gain from high end equipment isn't the same as a donkey. If you think there's no industry tactics behind selling high end to donkeys then you're being a little naive.
I don't have anything like your experience in cycling but I have a lot of experience with golf and golf equipment. Now maybe the 'all the gear and no idea' fool with pots of money is more prevalent in golf. But the difference in what a good golfer can get out of equipment compared to a hack is massive. Then the difference from a good golfer to a top amateur is huge, finally the step on to a professional is even bigger. I've seen so many people trying to 'buy game' and I could stuff any of them with a 40 year old set of beaten up clubs.
I get that cycling is a little different in that lighter is lighter and mechanical efficiency works across the board. But there is still a return ratio to input, Will can save 20 seconds on a climb via a wheelset, translate that to a weekend warrior and you get maybe a second if you're lucky. I have no problem with people buying bling but they shouldn't kid themselves that it's making any real difference other than a placebo effect.