You're right, not much status in just owning an iPhone. You need to own the latest iPhone, preferably the "pro" model to gain status. However, you can lose status by having cheap or old gear. When I was a kid if you wore off-brand sneakers other kids would make fun of you. Now I understand that kids feel some pressure to appear with the right colored chat bubbles in iMessage. The status game is pretty complex.
In the US almost anyone can afford the “latest phone” on a no interest payment plan from either Apple or the carrier. T-mobile doesn’t even run a credit check if you have been with them for a year.
Apple has kept the same design for 3 years. You can’t tell whether it’s the “latest” or not. You definitely can’t tell whether it’s pro or not if you have a case.