I've read everyone's response, and here's my conclusion so far.
For the most part, it all depends on how much is too much in your own subjective financial perspective.
-Higher Spending-
These people tend to either have a personal or purposeful reason behind buying the knife. While there are advantages to spending a certain amount to pay for certain features of a knife, at a certain point a knife does evolve to a point of a totem of art, perfectionism, symbolism, ideology, or a combination of these. As someone who has been victim of this, it is a lot like falling in love as well. Some knives just strike such a chord with your own soul, that you feel like you are connected to it on a much deeper level than just a tool. There are a few Native American tribes that took this to a religious level to list a few, Navajo, Hopi, Ojibwe, Lakota Sioux. Tools were not merely inanimate objects but were considered living entities with their own energy and power. Sometimes, a knife will just strike you as perfect. It may be a functional reason that applies to your life, or it may be a million different reasons, and to be it honest, it could be for no good reason at all. Some knives, just perfectly get you as your own individual. You fall in love with the spirit of the knife, what it is, what it does, what it could do, what it represents, etc. Another big reason can be exclusivity and collection.
These people are drawn to the allure and mystique of owning a knife that goes beyond its practical utility.
- Lower Spending -
For the lower spending argument, you could just say that not everyone has the kind of cash to throw around and buy an expensive knife. For most of the world's population, this is the case. Most people have problems, or attachments, or family, or debts or a million financial reasons as to why they cannot or will not spend a lot of money on a knife relative to their income. Also, there is not really a good argument to really sway someone to spend money on an expensive knife if they know they can get by with a cheaper option and be totally fine. Most people would do just fine with a Rat 2 or Rat 1 in D2. You can get knives that will do essentially everything you need and preform for years for under $100 easily. You can find quite amazing knives for under $200, and especially on the secondary. While super steels are amazing in their own right, there is also not really a good argument for super steels if you are the average knife user who just cuts cardboard, boxes, apples, packaging, and zip ties. Unless you do in fact use your knife on such a regular basis that you can tell the difference between Buck's 420 HC and Spyderco's S45VN, the price increase just does not make practical sense. In addition, usually the cheaper steels are also easier to sharpen, making it even more expensive to buy higher end knives for some who do not have modern sharpening equipment. The most common knife people carry in the world is a Swiss Army Knife. The steel on a SAK scored a 95 on Pete's cut test, and while that isn't terrible, it isn't 900. But to be honest, for most people it just works with the geometry of the blade. You can find many options that will probably do the job for under $100, people do not have infinite resources for hobbies usually, and there is usually not really a good logical argument for most people to upgrade to an expensive knife as a tool.
These people are often practical-minded individuals who prioritize functionality and value for their money when it comes to purchasing a knife.