That's a pretty broad generalization.
Hilton Diamond, earned after 30 stays or 60 nights, can be valuable especially during stays at properties in Asia and Europe.
Delta Platinum Medallion, which normally requires $9K MQD, can potentially be valuable when Delta is not the primary airline a cardmember is loyal to.
Hertz Platinum status on its own costs $1.5K / year, and for cardholders often on the road its benefits can be invaluable.
Even seemingly insignificant benefits like reserved seating in the Centurion Lounge can become invaluable during IRROPS situations when the entire lounge is occupied and standing room only.
Yes the $2.5K annual fee is steep and many benefits have eroded over the past few years including the loss of SPG Platinum, Hyatt Diamond, and Admirals Club access, but it's not difficult to argue that to some do find value in the benefits still offered.
Just because someone carries the card, doesn't mean value, money, and frugality suddenly disappear from their minds.