Expensive shoes are still a good indicator of social status.

Modern shoes can be very cheap, which is also not durable at all. Beyond that, price and durability are two different metrics, and can tell you about a person. Some people buy expensive shoes specifically for the durability, which could tell you things about what they value, that they are willing to do research. Some people buy expensive shoes for wrongly perceived durability, which could tell you that they want to be perceived as rugged or refined. Some people buy expensive shoes for their lack of durability, which could tell you that they want people perceive their status (conspicuous consumption).

Someone wearing pristine white Jordans, Red Wings boots, or bottom tier Cole Hann dress shoes can all say things about a person.

I mean, seriously, how often do you really look at a man's shoes?

according to the people in this thread, a lot. they're judging the book by the shoes it wears.