politics
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It's because the American economy is fueled by short term gains for the sake of politics. What's actually good in the longterm is bad for the small groups that stand to lose the most.
The US is a corporate oligarchy propped up by a priesthood of politicians, lawyers, and economists.
Why do you think important government buildings look like temples? Why do they all wear priestly vestments and adornments? Why do you think the House has a magic stick?
This is "gold fringe on the American flag" level of nonsense
From the wikipedia article it says it was used by the sergeant-at-arms to retain order, and that those who ignored it would be arrested. Ceremonial in the fact that it was once used as a weapon long before as a way to whow authority.
But yea it's always been for the rich.