I sniggered as well when I saw the "Royal Edition" Hasselblad.
But I remember when at a Photokina some years ago I snidely commented to an executive of a major European camera company that I was appalled by products such as their Bethoven Memorial Edition Model 6 covered in Reticulated Ostrich Testicle Leather.
He smiled knowingly and said that he agreed that these were silly products from a photographic perspective, but that they were huge money makers for the company. Every time they did one they sold out, usually prior to production.
It seems that the market in Asia, especially China, with its millions of neauvo riche, snapped these up, and the more bling the better. A $5,000 product could have $200 worth of cosmetic enhancements, put in a fancy box, and then be sold for $10,000. The margins are stupendous. Another industry wag who was in on the conversation said that he doubted that these cameras were ever actually used. Instead they'd be worn over the shoulder once at a cocktail party, and then displayed in a locked cabinet in one's study. Take it out and shoot pictures? Never – that would reduced it's "value".
So when you see a company selling these baubles just remember that it's putting lots of dough to the bottom line, and hopefully financing their ability to continue to produce products which actual photographers can use to create images.
Michael