While not a bad proxy, I would say it is a sufficient but not necessary condition. Especially since many pros have the money to blow on overpriced gear (but perhaps you do too).
My own anecdote: as a kid I wanted to learn electric guitar and, of course being a kid, I shopped with my eyes. My dad bought me a $1.2k guitar. It's still a respectable guitar to this day, don't get me wrong. But if he had instead taken the old electric in the garage (bought for probably $500) and spent a hundred bucks on getting it set up, I would've had a guitar just as good. I know because I dug it out recently and I actually think it is quite nice.
An example to a more extreme degree: https://en.wikipedia.org/wiki/Klon_Centaur#Legacy