For me personally, I found a set of speakers that I really loved and have found over the course of a couple of amp upgrades that they sound markedly better with beefier amplification. I didn't set out to own a big amp, but the sound I liked led me there. I've got nobody to show it off to, and if I did show it off to most people I know, I'd be labelled crazy rather than cool, so I don't think it had anything to do with status.
And while I agree with Sean that high-end audio isn't bragging material to a general population that believes Bose is the ultimate, the one thing that WOULD generally be understood as "awesome" by that same general population would be telling them that "my amp has 1000 watts per channel" (mine doesn't, BTW). Since those same people have learned that more watts == better amp, that's impressive. -Kirk