You could make the same argument about virtually anything. Cars, stereo equipment, cameras, guns, clothes, wine, food, and on and on. There are expensive luxury items for virtually any product imaginable.
You could also make the argument that bikes are more affordable as well because of what you can buy for $100.00 from a big box store. Sure it's crappy, but it's cheap. I would guess that the average paid for a bike now is less than it was in 1970 when adjusted for inflation.
There are a small percentage of people who see the value in these high end products and are willing to pay for them. There is another group, who will only by the cheapest thing they can get from Walmart or wherever. When it comes to bikes, I expect most of the people on this forum are somewhere in between the extremes based on their financial situation and their personal values.
Pretty much everyone I know has something they spend money on that most people would find frivolous. I don't judge them and expect that they don't judge me.