The manner of status obsession that Robin Hanson finds all around him is definitely due to the fact that we live in a part of a world where our immediate needs are easily met. Particularly if you are considering signalling.

I think you are probably right in general too. Although a lot of the status obsession remains even in resources scarce environments, it is less about signalling your ability to conspicuously consume or do irrational costly things. It's more being obsessed with having enough status that the other tribe members don't kill you to take your food (for example).