I think it depends on the individual photographer and the things that really interest them most. I don't judge those who chase the best gear because I imagine they have a strong interest in technology, and that's valid in my opinion. Others may have a strong interest in memories or just capturing and creating an image, and to them the newest or greatest tech may not be very important, and instead they focus on what simply let's them capture a moment without having to overthink it or worry about anything else, and I think that's also valid.
As an artist and hobbyist, I at least like to make sure that I have equipment that will render the images I envision in my head with a high enough resolution for quality printing. As a professional I also have to make sure that my equipment can keep up with the needs and expectations of my clients, and equipment that makes my job easy to perform while minimizing extra work so I can finish and deliver each job proficiently and quickly without sacrificing quality. That doesn't mean I need the highest quality gear to meet those expectations, though sometimes it becomes clear when the lesser quality gear gets in the way of being able to do that. For example, I use an old Canon 5D MKIII, and that camera has either matched or completely exceeded my needs and expectations, however my Neewer studio flash equipment often gets in the way of that process and using that gear has taught me where I can't cut corners. Those flash heads don't always have quick recycle times, they sometimes get overloaded with electricity after long periods of use, and don't handle rapid fire use well. Do they get the job done? Absolutely. Would they be enough for the average hobbyist? Most definitely. Professionally however, they slow me down and cause me to miss shots from time to time, illustrating the fact that sometimes higher quality gear is important to have depending on your needs and expectations as a photographer.
Anyways, enough of my ranting. This was just my two cents on the topic, and at the end of the day I believe every person has different needs based on their interests and priorities as a photographer.