Or pride of ownership?
Some cultures honor affluence, some admire thriftiness.
Cheap vs. Expensive, there's no right or wrong or absolutes. If cost is a primary consideration then the argument is ridiculous because a $25 quartz watch will tell the time as well as a $5000 Panerai so why would you waste your money?
We all have a different algorithm for what we prefer. There are really great cheap straps and horrible expensive straps. But, to some extent, most people typically expect there to be some correlation between price and value (quality, rarity, style, etc).
It's no different than clothing.
I wouldn't wear this jacket if you paid me, yet Steiny bought 2 of them @ $1085 each. One to rock and one to stock.