We have all been to events that have had various "sound Issues" such as with volume level, Clarity or the dreaded and all to common feedback. With Feedback specifically the "evil eyes" descend upon the audio engineer desperately seeking to make it stop. These "Evil Eye"s of course can directly impact the ego. For one thing the sound engineer will never introduce feedback on purpose. In addition what most don't realize is feedback issues often have just as much to do with The quality of equipment and performers as it does with the setup and Knowledge of the engineer.
When using an expensive microphone The Ego will automatically be boosted by default because there will be a reduction of feedback. (and resulting "evil eye's") Of course to be Fair there is a point where the extra cost and features will have very little to do with Feedback issues...but that's for another post.
So yes an expensive microphone is needed, as it can directly impact the population at large. The Population at large does not care if you arrive at the event in an SClass or a Camry.