1. Status symbols - my Lambo signifies that my disposable income is greater than your disposable income
2. Fan clubs - I buy Nikes because they do a better job at promoting great athleticism, and an iPhone to pay double for hardware from 3 years ago
3. Visibility bias - As a late adopter I use whatever the category leader is (i.e. ChatGPT = AI, Facebook = the Internet)
What you describe sounds more like market power resulting from a monopoly