Why do people want status symbols?

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I don't know why but when I see someone who is maybe my age or younger who comes up the street in flashy looking car, it doesn't really inspire me to want one like his. I don't find cars that interesting although I do like some old ones from the past despite the fact I drive car and it's not a fancy looking Ferrari or Volkswagen just a ford fiesta. I even hear stories of people who own big dogs such as XL bullies as though it makes the owners come across as "tough" and "hard".

There are times when I feel as though I "should" be a kind of businessman at over 30 and have a nice fancy car, house and a wife and kids to show off to the world as though it signifies that I've "made it" already in life. I also seem to feel as though it's puts across a narrative to other young men and women who struggle to find meaning in their lives or know what they want to do, that that is the life you "ought" to be on as though that is the only means for a successful life.

Yeah, I don't understand status symbols. The "status" they show, to me at least, is that of a shallow, petty person whose entire identity depends on people looking up as they drive by. When I see people who try to show off like this, I remind myself that my status is superior to theirs just by the fact that I don't care about their overpriced toys. I may have less money than they do, but I spend it on things I need, while they waste it on ego-inflating crap.

It's in the name: status.

Status symbols attract attention, and sometimes even inspire respect.

I think you mean why do some people want status symbols.

I'm sure many people don't.

I'd be mortified to draw attention to myself or be seen in a flashy sports car.

I don't follow trends or fashions or update my tech.

To symbolize their status, obviously.

Personally, I don't understand it. I don't think I own anything that could be described this way.

Think of humans in evolutionary terms. Our brain is still that of a hairless ape and has not yet caught up with the modern era.

In nature we see countless animals do the same status symbol behaviour. From peacocks to gorillas, the males that have the greatest access to resources will attract the most females. A bird fluffs up its feathers as if to say "I am so genetically healthy, I can make loud noises and throw off my camoflouge, without fear of predation. Notice how female birds are usually less colourful.
Or the body language of apes, manspreading as if to say they don't need to worry about exposing their vulnerable parts because they are soo strong.

So the modern NT human male thinks this is still true and tries to find a modern equivelent. To some limited extent, they might be right, who knows.

Any projection of your self-worth onto something that's outside of the self surely has to indicate a fundamental belief that the self is not enough?

To me it indicates a lack of self esteem. I'm not judging here, I'm no different.