Cameras have become a symbol of status.
I know of a secondary student a few years ago. At that point of time, he wanted to buy a Canon camera and so he asked his dad to sponsor it. The dad asked the salesman what is the latest and best Canon camera, so 1D mk II was bought at $6,000++. He told the man, money is not an issue, if I want to buy, I will only buy the best.
Students nowsdays compared among themselves on what they have, and not on the photos, said one of my friend who is a secondary school teacher. One student told his friends that his dad bought him a 1D mk IV, so what did you have or what did your dad buy for you?
That's why we can see that students carry 1-series and 5D mk II and so on. This is so common nowadays. There is no need to be alarmed.
There are those students and there are the students like my friends and I.
We love our gear, yes, undoubtedly, but to us it is/was a reward for doing well etc. And we also maximise its use, and compare shots.