Interesting thoughts, Liz.
In some cultures and contexts I think it is a signifier of status, though, no? I mean...for years, the thing was to have the *right* sneakers and to some extent I think it remains true in some sub-cultures. Manufacturers cottoned onto this and came up with distinctive logos and also raised prices higher and higher. The footwear is arguably not as functional as it claims to be. (Do we really need all that padding? -- it's not clear, for most sports...).
And then the look sort of filtered up from the streets. There's a sort of two-way thing going on with it.
Also -- another slight disagreement. My gear clothing wears harder and lasts longer than almost all the rest of my clothing. True, I own very few super high end garments but I'm not shopping fast fashion all the time, either. And neither is my gear highest-end, for the most part.
I'd agree that it is not easily modified and it's also not the kind of thing you would pass down to anyone. A bit like underwear in that respect, which might be part of the reason I prefer not to wear it as streetwear, come to think of it. However, like you, I'm not averse to a high performance raincoat (or puffer) for city wear. And if the design is great, so much the better.