There's probably a bit of truth to that but the key is someone willing to pay for it. So as long as people feel they are getting value out of it, there's no foul.
I love love love live theater, I remember when Hamilton hit Broadway and people were dropping thousands of dollars for tickets. While that wasn't in my budget, I definitely shelled out way more than I ever had just to see it with the original cast.
But yet in the same breath, Ive never understood shelling out first class fare on flights.
As the old saying goes, "One man's poison is another man's meat"