It's certainly an issue with a lot of teenagers. Speaking broadly, social status and brands say a lot at that age, and you could miss out on friends or social occasions based on it.

As an adult of course the green/blue bubbles simply don't matter, we grow up and realise that, but it certainly is a significant issue if it's affecting young peoples lives.

So I'd say it's somewhere inbetween what you descibe, perhaps a bit contrived, but also could have a significant impact on some people.

Side note - I have heard of people saying they won't date green or blue bubble people, but of course if someone takes that point of view as an adult then it's a good indicator to show how they think.