This should be required reading. The psychology was well known 170 years ago.

Heck, I experienced that myself in elementary school. Our school went through a number of weird bubbles. One was adhesive grip tape for skateboards. The few skaters in the school would use it to decorate their decks but somehow the entire school got in on colored grip tape speculation.

No one cared about the intrinsic value, as long as they thought they could turn a profit.