I really think you may be overestimating how much the average person cares about 'status'. Or wants to advertise it, quite frankly. I wear pretty much the same stuff as I did when I earned a tenth what I do now.

Not saying that no-one cares about it, but I don't really buy that it's "most normal people".

Though, it may be somewhat regional and/or generational; my impression is that my approximate generation (late X, early millennial) may be less concerned with it that either early Xes or late millennials.