I guess the term would be "conspicuous consumption".

As to why Koenigsegg doesn't get the rep, I'll take the outside opinion that it's because their name is too inaccessible whereas "Bugatti" slips easily into rap lyrics.

Don't they make like 5 of those, and for absurdly high prices?

Ferraris, Porsches and similar are somewhat attainable, which, I think, helps with their being symbols, since most people have already actually seen them and know they're real. A Koenigsegg is as good as a story. Hell, I live in Paris and I've never actually seen one. Porches and Ferraris? They're seemingly everywhere.

Ferrari and Lamborghini predate Koenigsegg by a generation so my guess is it's about the history.

Really great, succinct way to make this point. Here's an NGRAM of mentions of these brands in the English Fiction corpus, 1860-2025 -- Ferrari dominates until ~1970, when Porsche gains dominance. Obviously, Koenigsegg is barely on the graph at all.

P.S. I think it's telling that Porsche wasn't mentioned almost at all in English until the mid 1950s, given their role in the war!

https://books.google.com/ngrams/graph?content=Ferrari%2CLamb...

I'm not sure what it's supposed to be telling about, but it's probably not about their involvement in the war, which was hardly out of line for any german engineering company at the time. Ferdinand Porsche was arrested for war crimes, but never tried (which IS telling in its own way). Rather, the NGRAM just traces the rise of the company as it's known today:

Up until about 1948, Porsche was a pure development contractor mostly for the government. They only started manufacturing cars under their own brand in the early 50s (a few 356 built basically in a shed notwithstanding) after Ferry Porsche had taken over, and with the introduction of the 911 began a meteoric rise as a volume manufacturer for international markets.