It's purely acquisitive and about the buying and getting and just seems quite sad and empty. Those afflicted become slaves to the companies pumping out items purely for this class of consumer. For example, "limited editions" and such are not rare because the product warrants it, it's just designed scarcity to press the buttons of the collectors and extract the most money from them. Or it's bidding wars on vintage items like wine where huge price inflation happens just for the collection kudos not the virtues of the item itself.
For example, I like fountain pens, but I can't really read r/fountainpens because it's mostly people building huge collections of pens and getting excited about buying a new pattern or colour of pen they already own. Nothing makes me sadder than seeing their full collections of 100s of fantastic tools that will sit idle for the vast majority of their life until the owner passes and a relative has to liquidate things they don't understand.
It looks like a dysfunction to me - a stimulation seeking addiction which is not satisfied by the next acquisition and will never fill the emptiness, the need, the dream, of the collector. I know people will be super defensive about their collecting but I would love for that money and energy to be redirected towards higher degrees of self-actualisation. It feels like a failure to scale the Maslow's hierarchy of needs and get stuck in a loop down the bottom. Instead of creating novelty or growing, there is something safe, comfortable and unchallenging to just acquire.