If I can find clothing that functions just as well as logo'd versions, but for less money, then that makes sense.
With cars, gaming consoles, etc., there's a valid reason to want to spend more money if you're looking for function. PlayStation has games that you can't find on other consoles, or maybe you just like the controller better.
The car I drive is more expensive than I need, but I didn't spend the money to signal anything to anyone. I bought it because it has features the alternative doesn't.
If those expensive sneakers do their job better, then great. But if you're dropping $500 on a limited edition, just for the design, then it's a different calculation. (I am NOT saying it's stupid to do this, just differentiating it from buying features vs. design)