About 10 years ago, I bought a $250 Specialized hybrid. Went on a 5000miles, 4 countries tours on it. Loved it. Then used it for another 5 years a commuter and weekend tourer. Now it's a rusted heap. I've got two more bikes since then, and have tortured them pretty well too. Oh, and there was a $125 Chinese bicycle that I bought in Cuba and rode around that country.
I've never been fast enough to be competitive even in a club race and I've never been talented enough to be a real monster mountain bike rider. But I do put in the miles and I love my bike whatever it happens to be at the moment.
I guess if I were into racing (and could crank out the miles at high speeds), I could justify spending a lot of money on a bike. But since I'm not, I'd feel like a faker on an expensive bike.
Sure, it's good to have a nice bike, but it's better to have fantastic rides.