I don't know about the first part. There has never been a shortage of luxury goods on offer most people can't afford, or at least could never justify the expense to own. I expect most slashdot posters could easily find $2900 to buy a phone. Now I also expect most of us could find a whole lot of things we'd rather buy first. Look what a lot of guys spend on a Golf Clubs, a boat, (sports car vs basic reliable/safe transportation), classic car, theater room, gold plated ridding mower, gaming PC, watches, other jewelry, stereo equipment, high end televisions...They are all luxury items that maybe only 10-20% of people can afford but the persons in the group that believe they can and can't might live on the same street with about the same income, similar assets, similar liabilities, and the same number of dependents. It is just priorities.
The own nothing part is a lot more interesting a lot more disturbing. That said while it is easy to go omg omg, people are spending all this money on things they just renting well... Consider this you might have poured a lot of money into that 95 Celica GT, but what can get for it now in inflation adjusted terms? Even if it is in great condition, you'd hardly call it a family heirloom. Ditto for your $2900 gaming rig from 2016, a decade on what can you get for, do your kids want it or care? Maybe you're still enjoying it (I am) and even running a current-ish title or two, that's good but think you'll be able to say that in 5 more years?
Yes Samsung or Apple or whoever can decide to abandon a product whenever you're SOL, I don't like it either. *I* should decide when I am done with something I purchased, but in the grand scheme of things people have been spending considerable amounts of money on luxury items that will more or less depreciate to $0 on relatively short time horizons long before electronic-lockin.
Even the arguments about physical media don't always hold up. I have sizeable collection of DVDs, but I have run into a few that will no longer play, when I happened to pull them off the shelf, I bought a lot of them off the sale racks real cheap, thinking they'd be fun to pull out and watch as my kids get old enough to see them. It is except they don't always work. So much for 'I own the disk, I can watch it as often as I want when I wan't theory of movie purchases vs streaming...' Of course I could have ripped them all and migrated them to some other archive and maintained that but...comes back to priorities.