I can tell by observing you and me of course, that we're not rich. All my rich friends doesn't concern themselves with luxuries because as you said, there's only so much you can snort. The short-term reasons as you listed out are also valid. Namely doing what you love and money just comes in by accident, and earning it as a number game because all their friends have the Mercedes and the only way to "win" is to have bigger numbers.
Most what I've seen though, is the idea of a rich lineage. This is for both the second gen (born rich) and first gen (made rich) dudes I know. They aren't just concerned with themselves, but with godlike generations after them. It doesn't mean they'll spoil their kids with crazy luxuries. It means that their kids will have a wider range of choices in what to do with their life versus us. And their grand-kids and so on. When your objective is that, you wouldn't mind "more" money really.