I'd say there are plenty of people wearing Rolexes who can't afford them - but I get your point and don't disagree w/anything you said
You're focused on the aspirational angle, which is interesting. Isn't it possible that Yeti products are simply not that big of an investment for middle class, white collar folks who'd rather be out fishing/hunting/camping/etc. -- aren't these the people Yeti is ultimately targeting? Lots of money to be made off of these people, I'd wager. The other something maybe that gets lost is this: there are a ton of very successful companies out there that never IPO!
I have only ever purchased one Yeti product - the hopper 18 soft cooler. Anything else I own has been a gift. My justification for the purchase is that I bought it on the weekend when they were donating all proceeds to Harvey relief. Between the charity aspect and the several times I've used it since purchasing, I'm very satisfied - thing works as promised and is very durable - but I'm sure there are lower cost alternatives if I cared enough to investigate.
At the end of this - I'm fascinated by Yeti and want to see these guys do well. I don't have a horse in the race - I just respect the hell out of people who can invent the better mouse trap and market the shit out of it.