Michelin stars seem to have the dynamics of a loss leader. Particularly as it's become known that many of the restaurants are badly unprofitable—and moreso if you think the chefs should earn something commensurate to their presumable talent or passion (you don't have to think this). It seems to be more the case that every award or signal of quality is capable of (and actually being used) this way.

Some people, like Chang, may know it and treat it transactionally as such. $X for a star, which leads to Y amount of exposure. Others, may know it or not, but treat it like a goal in life either way. It's very possible of course that many of the former start as the latter people until they later [realize/sell out/give up].

I guess it makes sense. The world is more competitive. Information is freely available. You need to find some other moat. With information and access to everything, a moat that might have been quality or talent, is more easily captured by buying the signal (which to be clear can include buying and maintaining the quality). Then once you have the signal, well, it's up to you whether you still need or want the quality. When push comes to shove, it's probably the case that the signal is worth more than the quality.