I highly doubt that the vast majority of upgraders do it for status or for want only of a shiny toy. Do you know a single person who does it for status? I can't think of one.
I do it for the hope (here's where the debate is) of improving my results. Some will argue that it's the maker not the tool that matters, but in my own world, in my own experience, sometimes the tool improves the results.
In power tools (lathes, bandsaws, tablesaws) I am certain the vast majority of people upgrade their tools (with the exception of Sawstop) for more capacity and precision and as a distant second, bells and whistles.