I feel I can use the same equipment that I did in the 60's and catch as many bass as I do today with the expensive state of the are equipment that I use know. I think the exception to that are today's line and hooks, but even some of those are way over priced. Of course I did not buy the cheap combos because when it comes to dependability you truly get what you pay for to a certain point, and then it becomes just the prestige of owning a five hundred dollar reel.
As far as baits go I think it is the popularity of a bait that drives the price so high and not the quality, GYCB and Lucky Craft baits are a good example of that. I buy them, but I have many less expensive baits that produce just as well. I think most of this is the hype, someone won a tourney with them so we all rush out to buy them.
I'll admit that I am a collector also, I could stock a small bait shop.