Torontonian here, there's a market for brands like LV/Hermes and others to basically splatter their full logo across the articles of clothing/accessories. People do buy this stuff. You know who. I'm sure it exists in other countries. It strikes me the same as you - it looks ridiculous and in my eyes devalues the brand that they would go to the degree to produce something so gauche. But, here we are.
Maybe we're just oldschool and we aren't in with the new kids. I've always preferred as few logos or brand signals as possible. Materials, aesthetics can speak for themselves. I order my cars de-badged from the getgo.
I noticed that people who buy these usually pay with their golden credit cards and their expensive SUVs have license plates with a leasing firm brand on it (I'm in EU, leasing is not usual)...
I mean, another commenter said this class of buyers is class-anxious and class-confused. That seems absolutely true to me - these people can't actually afford this stuff. The actually rich people I know don't have golden credit cards (they have the levels above and never show it) and don't drive expensive cars (most have no cars nowadays, on-demand rent is better).
Maybe we're just oldschool and we aren't in with the new kids. I've always preferred as few logos or brand signals as possible. Materials, aesthetics can speak for themselves. I order my cars de-badged from the getgo.