I mean... what kind of hobby is owning the latest phone? Especially when the latest phone is barely an upgrade over the previous one.
Listen, whatever you do that’s your hobby I’m certain is also a giant waste of money and very financially irresponsible. And if not, learn how to have fun and stop being so boring.
They do if you don't have the money to throw away. That's the whole point - far too often, the people who throw their money away on these things are the same people who spend all their time complaining they're struggling to afford the basics, like feeding their family.
Yes it's fine if you have plenty of money to waste on what you enjoy, but the majority of people don't.