I think that it depends on whom you're trying to impress.
I'll tell you that as a woman, I might feel admiration for a man who can afford to wear a gen, but I would feel much, much more admiration for a man who can afford to wear a gen, but would choose to spend his money on something other than prestige.
So by all means, I *prefer* rep wearers.
I understand the idea of feeling more admiration for a person who chooses to spend his money on something besides prestige, but I don't really think that a person who is buying a replica is really doing that. Let's be perfectly honest, we buy replicas for the perceived prestige, but at a significantly discounted price.
Indeed, if you remove the premium associated with the watch brand on your replica, and any added value due to it being easily mistaken for a watch that is 100x more expensive, then there are many reasonably priced gens under $500 that are a much better value for money. They still have the Swiss automatic movements, detailed dials, much better water resistance, and QC, as well as a real warranty.
Take for example, the Tissot Le Locle, which is in my opinion, one of the better valued affordable Swiss mechanical dress watches.
As much as we bemoan the money pumped into marketing by the big watch companies, this is what makes these watches desirable to the general public, and by extension, us.
If you said that you much preferred a person who could afford a Patek, but chooses to wear a Hamilton instead, then I would agree with your reasoning.
To put it another way, I think it is fair to say that buying a replica is perhaps more fiscally prudent than buying a ultra expensive gen, but it does reflect the fact that we value prestige, perhaps even more so than a person who buys an equally prudent affordable gen, but which is far more reliable, and modulo the issues of branding, might be objectively said to be a better watch.
If you're not convinced that replica dealers are aware that we place a premium on prestige, just look at the cost of homage watches, which are essentially the same as our replicas, but without the brand, and the prestige markup.