I can only agree to a certain point.

While not everybody who drives a certain car is a "race car driver", it does say something about you, as you and your car (or luggage) "represent".

For example: If you drive a new Dacia in Europe, chances are that you were only looking to get a "new" car (cheapest new cars in the market here, plenty of used cars would provide better value for less money, more safety, more fun, more practicality, efficiency, etc). You're probably a person who doesn't care much about driving and just want something cheap to get you from A to B.

You probably won't do a lot of business travel in it and it's unlikely to be a company car.

If you have a 320d however, you may have it for many good reasons that would make my post way too long, or of course just because it's your company policy, or because your neighbors have it and you liked the way it looked. However, it's a "sophisticated car" for a "sophisticated driver".

So you may have a Rimowa because you're German and you appreciate they're made here. Or just because you see them in every corner and like the way they look.

But it's probably more likely for a sophisticated traveller to use such "premium luggage", than $20 supermarket luggage that will fall apart after the first flight.

As usual, YMMV, it's all about personal preference and taste and there are exceptions to the rule.
(I actually still occasionally use luggage that I bought for $29 at Walmart when I just needed a bag. It's not quite sophisticated though. )

Other than that I am with Till. The most expensive luggage will only make you look like a d-bag if you stuff it sideways into the overhead, and the most sophisticated car will only be awkward if you can't drive properly.