It's not "old stuff is better" as much as "I'm better than you."
For a long time, that was by having sharper, higher-quality pictures. Your friend had some Kodak Instamatic and you had a Hasselblad and you could assert your dominance over them.
But nowadays, the phones in everyone's pocket take such outstandingly sharp pictures that there isn't really meaningful room for improvement. So, people now differentiate themselves by getting vintage digital cameras which are hard to find, cost extra money, break frequently, etc., so that they can demonstrate their uniqueness.
When I first had got my nexus 4, my first upgrade over another Android phone that I can't remember, I was astonished by the improved fidelity of the pictures.
Then after I got my next phone I looked back and saw that the pictures had terrible artifacts that weren't hard to find. Now I'm on a Pixel N after having a handful of earlier Pixels and I can see the shortcomings of the photos it takes (and all its predecessors have taken) without much difficulty. Just zoom into the picture a little.
Of course. People are never genuine in their interest or preference of things. It's always about status, wealth, and their standing among their peers. /s
For a long time, that was by having sharper, higher-quality pictures. Your friend had some Kodak Instamatic and you had a Hasselblad and you could assert your dominance over them.
But nowadays, the phones in everyone's pocket take such outstandingly sharp pictures that there isn't really meaningful room for improvement. So, people now differentiate themselves by getting vintage digital cameras which are hard to find, cost extra money, break frequently, etc., so that they can demonstrate their uniqueness.