Leaving the economic arguments to one side, I suspect there are at least two psychological considerations attached to good shoes. First, we like good shoes because of the way they look, how they feel and that fact that they have 'quality' (although I am not sure that the latter can always be taken for granted when held up against cost). Second, and this is a delicate one, I suspect we like wearing them because we imagine other people will admire them. They may or they may not but my guess is that fewer people admire our shoes than we would imagine. The people who are most likely to admire them are other people who like shoes. I suspect, to other people, they are just 'shoes'. I doubt that many people who buy good shoes do so for their utility value. However, there will also be a group of extremely rich people who will just buy good shoes because they buy good 'everything'.
I fully agree. There certainly are perfectly valid reasons to pay a premium for nicer shoes above and beyond the basic economic considerations. They just have to be grouped into a subjective area rather than an objective one. There are also other economic considerations to consider above the durability of the shoe itself. Fit, for example, can save you money down the road by not having to pay medical costs from the consequences of wearing ill fitting shoes.