Interesting post Martin and many truths in there.
If you look at who owns large parts of the hifi industry you will find that it is all about shareholders and maximising their interests. Take some of the well known brands and peel away the layers and you will find some huge business investment owners at the other end who absolutely nothing to do with hifi. They just want to make cash... capitalist society so to be expected!
The very expensive gear just means they do not have to concern themselves selling to the masses but just the gullible few with deep pockets. No large amount of box shifting to make small profits but just sell a couple and make HUGE profits and far less hassle? Quite a few hifi business operate on this principle where they are not interested in the mass market low end but just the top as it means less effort for everyone involved in order to make lots of money. This is mirrored by the hifi shows which are stacked out with ridiculously priced high end gear.
The magazines and internet "reviewers" rarely look at affordable gear, although there are some exceptions, most of it is eye watering in price and funnily none ever gets a bad review. What a sad industry it has become when you pull back the curtain?