Yeah that crossed my mind too. But I think it's actually more complex than that.
I read a book chapter about the popularisation of fox hunting in the c18th. It became a popular pursuit with the newly monied classes who were keen to ingratiate themselves with the landed gentry. A whole industry sprang up to sell them daft riding clothes and manuals on how to conduct yourself on a hunt day without looking like a pleb. It was all a bit 'trying too hard'.
By contrast, as a member posted upthread, proper old money has nothing to prove.
Hasn't changed much around here apart from the fact that the landed gentry don't bother any more.
Polo's a big thing, one GP i know well has 9 ponies ready to roll this year.