You can get a functional Apple Watch on Facebook for 50-100 bucks. So not much of a signal for status.
We have much sillier, trendier accessories to choose from :)
I was recently at the airport and also saw several pairs of fake AirPod Max headphones. They looked fine from a distance, but up close it was really obvious and they looked bad.
I would never trust media covering youth trends. It's a bunch of 50yos whose teenager told them something as a joke and they took it seriously.
See also: latest millennial trend is avocado toast, and that's why they're all broke