What happened to High school Proms?

When I was in high school Prom was just 1 night of have fun to end the school year. Guys wore a nice suit and girls a nice dress.
Unfortunately nowadays Prom has become more about status. By that I mean teens are spending way to much money for prom as if they were attending a red carpet event. I live in the Bronx and on my instagram feed I see teens renting exotic cars, wearing way to expensive clothes and hiring an entire Paparazzi to take photos. Don't get me wrong, there's nothing wrong with it, to each there own. I just feel it puts pressure on others to do the same.