HiFi lacking social recognition?

Why isn't hi-end audio an aspiration for most? It certainly has a 'bling factor,' as much as exotic cars and fancy wristwatches, can be shared with other non-enthusiasts as much as home theatre and offers the same kind of 'marginal' benefits, given the cost, as owning a Ferrari or Patek Phillipe compared to more pedestrian forms of the same product. Because the pursuit is not just about spending money on equipment, and involves tons of time, effort and socialization around minutae, just like any other serious pursuit. Think about how many people not just buy a fast car (Porsche, Ferrari, etc.), but then spend the time to work it into a track-day toy, fidgiting with suspension changes, braking, weight loss and aerodynamics. The popularity of that kind of single-minded activity probably brings the population of people willing to commit the time, effort and money down to a small fraction....
And, add to that, the fact that music listening is, for cultural reasons, not something most people do as an "activity." (Rarely do people sit and 'listen' to reproduced music- it is there as background for another activity).

...music listening is, for cultural reasons, not something most people do as an "activity." (Rarely do people sit and 'listen' to reproduced music- it is there as background for another activity).

Exactly. I don't think it's a cultural matter, though -- more like a lifestyle matter.

Apart from money, high-end audio also needs time, commitment and concentration to listen to music.
When I get visitors, they all are impressed by the looks of my system and the quality of the sound.
But only (audiophile) music lovers have the concentration and patience to listen to music for more than 15 minutes without talking.
Of all my visitors, only 20% is in this league......go figure.

GregM- sure, lifestyle may describe it just as well. But, when I was in my late teens, one of our activities was to sit around and 'listen' to music. Today, I'm not sure that is true, either for our generation (with the exception of audiophiles) or the younger generation (which seems happy with digitally compressed portable players listening over a pair of computer speakers or earbuds while doing other stuff).

Watches, jewelry, and cars are something you display in public, stereos aren't. Conspicuous consumption and impressing people can be the name of the game for some. Who isn't impressed when a bright yellow Lamborghini drives up the street.
You can't sell a product unless you can make the buyer aware of the benefits and show how it is worth the money. For the average person with untrained ears, the audible improvements can be hard to perceive. Most people aren't going to sit in a dark room and listen to every single note being played and strain to hear the differences a $4,000 power cord makes.
Personal preference is another issue. If someone hears a $20,000 Thiel system they may hate that sound quality and think their clock radio sounds better. Maybe a $20,000 McIntosh would be worth the $20k.
Wilson has done a good job of marketing to create an aura of sophistication and highest quality. The sound quality is easy to pick up on. The Wilson sound has big bass and big dynamics. Neither comes cheap. Wilson leaves the "petty" little details to other designers i.e. run their Sophias on a Denon mini-system.
High End audio has done a lot to discredit themselves by supporting $400 wooden knobs, $5,000 speaker wire, $199 Clever Clocks. It's like a cult, once you're in you go for it, but will drive an outsider away and probably permanently bias them against the whole business permanently.