My motivation for chasing status:
A few years ago a work trip introduced me to business class and at that moment I realised that flying could be a pleasure for its own sake, not just as a necessary part of getting somewhere else. Until then "elite frequent flyers" and nice seats were completely foreign to me, they were part of some world I vaguely knew about but had nothing to do with me or my life. And lounges too! My god - airports could be pleasant and productive places to spend time too. And I found that flying business there was no massive line to check in and again for security and again for boarding. And no humiliating re-packing bags at check in, just add another bag.
Then I found that frequent flyers with status got most of that without having to pay for business class, but it was easier to get good seats and better flights with status and everything helps everything else. Oh, and airline staff, except in Paris, are just about all really polite and pleasant. It got better and better. So flying became a hobby for its own sake and FF status makes that even more pleasant, and the more flying the more status. Even work trips can be a pleasure. And you can work on the plane, or sleep!
I fully realise that it is irrational and just pays lots of money to the airlines. I could fly business class more cheaply on best-fare-of-the-day, though not domestically in Oz. It means nothing in the end, but is part of a fun game that I'm privileged enough by virtue of years of hard work to be able to afford. My flying is a mix of for-work and for-pleasure, but all self-funded. Both combined along with creative or absurd indirect routings bring the status, which in turn keeps flying a pleasure.
I never dreamed it could ever be me in the fancy seats up the front, but now it is and I like it.