There is definitely some of that, although paradoxically, it "looks" less bling than the EK interiors for instance. I think the vanity is about trying to be seen as "the best airline in the world" just the way SQ used to be 10 years ago. I suspect there may well be an economic value in such a reputation (especially among top end customers) that could go beyond the economic viability of the A380 F product specifically (or the "residence" which I'm guessing might well fly empty in 90% of flights!). I don't like the bling myself but then I am not the right person to judge as I am really not a P customer (with AF or anyone else), so while I could dream of booking a crazy fare mistake or being upgraded after some massive customer cock up, I won't buy a ticket in the "residence" in a million years.

Final footnote, I think that vanity is not entirely absent from the AF project either. "Best F in the world", "something that goes beyond anything currently existing", etc are phrasings that have been used (I would argue quite unwisely) by AF time and again in the past few months when talking about their new P and J before presenting them. While it may be economic nonsense, EY are at least delivering something "entirely different" and just may get some private jet custom (which I understand is quite widespread in their core region of activity).