Context is key. For your situation, that kind of investment may not be appropriate because you can't afford it, would rather buy other things, Apex is a hobby, etc. Conversely, pros and/or content creators' (if that's who you're talking about) livelihood depends on their gear. It's a job for a lot of them, and they want the best gear possible to support them in that job. And status may be a part of that too: If they have gear that is reputed to be good, or simply looks awesome, that may in turn boost their motivation and performance.

The same could be said for sport athletes (and so many other people who have advanced far in their careers). If you were a top football/soccer player in the world, competing in international tournaments, would you cheap out on your footwear? Very unlikely. Because if you lose, there will be so many reasons going through your head as to why, one being those cheap shoes.

The goal is to eliminate as many external variables for failure as possible. So if all players in a competition have top of the line PCs, internet connection (which is part of why LANs are sorely needed rn), etc, in theory the competition is then a reflection of said players' peak skills, and not who can afford the latest graphics card, or who is living in Vegas vs XYZ.