For a much better and full explanation, read http://zhongwe2.serverpros.com/cs/cs-final-rje.pdf
In short, I'm proposing that it could be one of those examples of an out-of-evolutionary-context kind of behavior.
Is that not a completely hypothetical scenario? You might buy a highly functional item and downplay it (e.g. I wore my expensive dive computer as a watch for a while because my regular watch was off for repair, but I didn't intend it as a means to start conversations with people about my last dive trip) but the only purpose of a high status item is to telegraph high status - there's literally no other reason for it (to continue in the same vein, no real divers wear Rolexes!).
As for downplaying a sports car, it's not very likely you'll do that. Possible, of course, but just not very likely.
I like to keep a low profile for the most part. I don't want to attract the wrong kind of attention, look like a "young hot-shot kid" at work, etc. There's nothing wrong with women appreciating your success and ambition, but nobody wants to be a meal ticket.
I think women like confidence more than money, but having both never hurts. I once joked to a friend that my luck hadn't improved significantly despite earning much more; he quipped "you were still a guy who was going to make a lot of money back then, you just didn't have it yet."
The most interesting signaling behavior to me is being a hipster. Not having to work is really showing familial wealth and status. Most people don't come from a background where they can spend all day finding cool music and weird clothes rather than working a 9-5.