The version of the story I was told was that at the time it was on the drawing table, supersonic transport was the future for passenger travel for everyone. But cargo was not expected to go that way and Boeing felt they needed to split their offering into an efficient giant cargo aircraft and a supersonic transport for people. They designed the cargo transport to have an elevated cockpit so it could have maximum internal space (which became the 747's top deck), and the supersonic transport was ultimately canned. The 747 ended up just as popular for passenger transport as a happy coincidence.
It's not about Europe's elite vs American pluralism. Go over to Europe and see just how elite their airlines are... the US is the one with classes. Going out on a limb, the 747's ability to isolate the classes and provide a swanky bar for those of distinction probably had something to do with it's success. The US pulled the plug on supersonic transport before it ever had a chance to prove itself or not (look up the supersonic airport that is half built in the Everglades, it's still there!).