Is spending the $500 itself part of the enjoyment? Possibly. I like buying tools and other things that will last me forever. If the average stuff was good enough, there simply wouldn't be a market for the high-end.
It's like shooting a rifle. I have a very accurate bolt action rifle. It hits where I aim every time. 2-3" grouping at 200yds, every time. It was far from expensive, in fact when it was made it was considered one of the most under appreciated rifles on the market for the simple reason that it was over looked by most because of its very low price (about $250 IIRC, it's been close to 14 years since I got it). My stepmom gave my dad a really nice Styer rifle for Christmas 2-3 years ago and I got to shoot it. The price was close to 5 times that of my rifle. It wasn't any more accurate. But it was an absolute joy to shoot. It was balanced better. The trigger pull was smoother. The action was smoother. My rifle is not deficent in any of those areas but this one was just nicer.
Some people like to have nice things for their hobbies. It's the nature of a hobby.