Deflections ("you could've/I would've done this instead of that with the money") are silly and dishonest, but even in my high-tech circle an S-Works (easiest ~$10K bike to recognize) is considered a luxury badge, and when the rider is clearly not up to snuff with what it signals, there is mocking. Of course not everyone thinks the same (I reflexively roll my eyes at the ever-increasing heaps of giant Tesla Model Xs rolling around and am probably an outlying judgmental curmudgeon in my demographic), but I wouldn't say blingy bikes are normalized.