Very true. The only "real problem" imho, is that the only 100% counteracting method to the "expensive is better" nonsense is an "all-leveling" one... So, we end up all alone with our own consciousness.No problem. It can be justified because it might sound worse.
I read an interesting review a few years ago about loudspeaker cables (I really can't remember where, I'm sorry). It was a totally objective measurement only review that compared cheap cables vs mega expensive wet string. The results were fascinating. A few of these mega expensive cables had atrociousness electrical properties which really would have altered the sound (for the worse) even in length of a few feet. Yet these expensive cables were very well thought of and recommended. How come?
Well what I think is happening is this. Say a £50K speaker is bright, has a metallic sheen. The last thing you want is a neutral sounding, electrically perfect measuring speaker cable. Pair it instead with a dull £5K cable and suddenly the speaker sounds wonderful. The £5K cable is obviously good value for money because it's had a noticeable improvement in the sound. You could say that the £5k cable sounded fantastic!
However, why is an expensive but excellently measuring cable better than a cheep but excellently measuring cable? Well maybe it isn't, but no-one will ever know because no-one will sit down to listen to a £50K speaker wired up with £100 of cable, let alone be brave enough to publish a review of it and say that the £100 cable sounded just as good if not better.
There is also another effect at work. One that can only be counteracted by double blind testing. Most people who audition equipment will know in advance the rough cost, and how it looks, and be taken in by that. Our brains will tell us that the more expensive and good looking one will generally sound better, even though it may not. (A cable in your favourite colour will always sound better than one in a colour you don't like, especially if it's visible from your listening seat,e.g. snaking across the carpet).
Also, no-one wants to look an idiot. Remember the Kings new suit? No-one in their right mind will ever announce to the world that a £100 speaker cable sounds better than a £5K one. Occasionally though you'll get someone brave enough to say 'well actually, I thought it sounded awful, but don't tell anyone I said that'. That's one thing I like about this forum. The people here aren't afraid to speak their minds.
One thing all this does show though is how important system synergy is. Just because some piece of wire or equipment measures perfectly, it doesn't mean it'll sound good in a given system. It also shows how important blind testing is as it'll negate any psychological effects of price or looks.
As for justifying the £12k cable, well a fool and his money are soon parted, so it makes sense to fleece him for as much as you can.