Newbie with pondering question?

We are new to all this steer stuff this year.  My daughter purchased a steer for Feb. 2018 show.  He was a good budget steer $650.  My question is, if your end result for a market show steer is auction and slaughter, why in the world do some people pay over $1500 for one.  In my mind, I'm thinking it's a project, you raise them up for a year and then sell at the county fair for auction.  We have some kids that pay 2-5k for these animals, then add another 2k in feed for the year and sell at auction. 

I understand if you are doing shows, maybe and there are money prizes...but if it's for a market animal and end result is to end up in your fridge, don't you think that's crazy high prices to start.

For the same reason that someone will buy a Ferrari to get to work and another drives a Nissan, with the congested highways you get to work at about the same time anyway!
Is a $100 bottle of wine ten times better than a $10 of wine?
Snob value?
You make the money, you decide how to spend it. As long as the buyer gets perceived value for money, both buyer and seller are happy!