This sort of thing was done at a time when everybody did it, and now that it's not done, nobody does it
No kid ever said "did you see the sweater that Timmy's grandma knitted for him? That kid is so cool! "
Mostly because they all had grams sweaters as well.
I don't know what term you were looking for, but a handmade present for someone dear is about the furthest thing from a "status symbol" that I can think of:
- it can't be bought
- it can't be transferred without losing almost all value (ie: it's only valuable to you, or at most your family, eBay doesn't want it)
- it provides no improvement whatsoever in one's social standing
