Part of the problem is just the mentality as it pertains to all aspects of our life - that everything has to be fancy, all out, and to the extreme. Look at the bass fishing industry and what has happened to it. You're hopelessly old fashioned if you think you can go fishing in an 18' bass boat with a 150 Merc on the back. A 21 footer with a 250 is mandatory and if the gel coat is a little faded you'll be laughed off the water. A jon boat with a 10 hp Johnson? Forget it.
Same thing I see happening with watersports. It's never really been a poor man's sport, but it's definitely increasingly for the rich. It's what the market will bear...there is too much money still out there, even if it's coming from fewer people. Not having to train for tournaments behind the latest boats, I would not even consider paying $60K+ for a 20' single purpose boat. There are literally dozens if not hundreds of old Supras, Mastercrafts, and Malibus sitting within 20 miles of my home that could be ready to go for a fraction of that.