Bob -- I think the thing about high initiation fees is that they simply become a status symbol (ie., "yes, I play at The Very Expensive Golf and Country Club, have you heard of it?"), rather than being about the golf. Look at many of the great golf clubs across North America -- most of the time they aren't the most expensive. But lots of people who don't know much about golf, but have lots of cash, love to belong to the most expensive course in town, just so they can say they do. Isn't that the whole premise behind Trump's properties?
On this list, I bet people resent the number of members at these clubs who have no appreciation for the fact they belong to a great golf club. In that case it is envy and resentment. God knows the number of times I've played historic Toronto clubs (like St. George's) and explained the history of the course to the member.
But to your point Bob, oh well, this is life, isn't it? Can't always afford everything we want. But I also think this explanation goes is a means of explaining why so many hate $500K memberships and dues of another $15K.
Robert