Why do you think the problem persists? What level or importance does impressing their own peers have amongst the culture and why do they think it is necessary?
Read Brainwashed by Tom Burrell.
It's tied into self esteem. We are still slaves, but slaves to material things, false pride or esteem due to having material things. This is amplified in hip-hop, especially the BIG/Bad Boy playa era, where they were always dropping name brand items, and saying what they have versus you.
Big_Mal probably remembers the line from Jay-Z's "Imaginary Playa",
"What's the difference between a 4.0 and a 4.6..."