A high price can create prestige without creating quality.

Cost is a signal, and signals can be manufactured. A high price creates an expectation of quality, changes how the thing is perceived, and often improves the experience through that expectation alone, all without anything better having been made. Prestige is a product in its own right and it is frequently the main one.

When something expensive impresses you, ask what would be true of it if the price were hidden. Sometimes the answer is that it is genuinely excellent, and sometimes it is not.