Because if people would pay everything for what it is worth, the entire fashion business will disappear overnight and it won't be the only one. Purchase choices are just that, choices. Personal choices, everybody is free to make what he/she believes are his good ones.
Sure.
But remember that in the simile, the exact same designer clothes can be had both for a true price (how overpriced that may be), and extremely overpriced (also compared to the true price).
It is a personal choice, yes.
What you do not address is that if your personal choice is to go for a "Lomography" overpriced Lomo or Lubitel, you might still think you are engaged in Lomography, but that you are definiteley not.
It is (to continue the fashion theme) like the factory worn, pre-ripped blue jeans that were (still are?) so popular.
People want to show that they do not care for a slick, conformist, big bucks 'establishment' appearance, by buying a slick, conformist, big bucks, 'establishment' apearance.
Fashion. Indeed.
Buy an overpriced "Lomography" Lomo or Lubitel, and you show yourself to be a misled fashion victim, oblivious of what the thing originally was about, but far too ready to state that you are part of it to see that, by doing so, you most definitely are not.
A personal choice?