In the last year, I have had over 30 bats. All different brands, prices, pick ups and shapes have passed through my hands. Laminates, TAS, Carbon Fibre handles etc.
The most fun I have had is with one of Asad's £99 MB Malik LE Laminate Bats in the nets today. I know they are not legal, and I know I cannot play a game with them but in the nets, but when you dispatch your overseas opening bowler who bowls 80mph-ish for a Dean Jones style drive back over his head - with the ball strike feeling effortless, it puts a huge smile on your face (before he obviously tries to nail me with the short stuff next ball...).
The 2nd most fun I have had with a bat is a MB Zulfi which I brought for £40 off eBay - Yes, the handle went after a year but 7 years on, and now on its third owner, second handle, and FIFTH refurbishment, the bat still goes as well as anything I have ever owned. It certainly was not 7 times worse than my Newbery Mjolnir's or M&H Amplus'.
With the £300 bats in question, like with most things in life, you are paying for clever marketing and brand association.
Are bats a status symbol? Of course they are - otherwise there wouldn't be a demand in fake stickers. Same reason we assume someone who drives a Bugatti or Lamborghini must earn alot of money and be a pretty big deal. Performance wise, are they better cars than my BMW? Not necessary. It depends what you are looking for (Yes they can do 200mph, but my BMW can do 50mpg).
If you have a £400 M&H Amplus MKI, it says something about you to other people. Same as if you brought a Bugatti Veyron. Conversely, its like when we were at school and you brought the wrong coat, it can get you negative attention. Of course, jealousy is also a factor in this discussion. It is only human nature.
Would I spend £300 on a match bat for myself? No. As I know that money does not guarantee the performance I want. Do I know people who would? Also no. However, having these super expensive bats in a range means more of the middle level of bats sell because of the perceived quality v performance factor, which I know PLENTY of people who would buy them for £150-£200.
Its an interesting topic. One which could provide an interesting topic for a MA or BSc student to look into.

Sorry for rambling!