For most people, no. For those who want something unique and have lots of discretionary income, sure.
I personally wouldn’t get one if I were a mere millionaire, but I think I probably would if I were in the $10+ million range.
Others differ. I see lights like this as comparable to nice watches, or purses, or car accessories. I know of plenty of people who are not millionaires who spend much more than the cost of Spy 007 on purely cosmetic accessories for their car or truck.
Looking at the question from the manufacturer side:
Because that’s what it costs to make the light in the manner Cool Fall decided to make it, plus the profit margin Cool Fall decided to try to earn on each sale. Frankly, I’d wager the volume is low enough that although the profit may sound impressive on a per light basis, it’s still a relatively modest income. He probably spends a lot of time on each light.