Exactly this.
I don't really go on Cutters very often but a few of the chaps I go to the Ring with are E46 M3 owners who do see the track a few times a year. They're the guys who show me some of the cars on Cutters. They showed me one car in particular where the owner gone full track spec with lightweight seats, harnesses, semi-stripped interior, taken his radio/audio system out and replaced it with a blanking plate in the dash, swapped the door handles for straps - the lot. But hasn't been on track. The mind boggles, it's seemingly people jerking each other off, and you can't be in the fraternity unless you've stripped bits out and chucked coilovers on
Horses for courses though, their money, their car. They do all seem to think the E46 M3 is the greatest car ever and that joe public sees their cars with an aura around them. In reality most people just see it as an old BMW 3 series.