The Hello Kitty Strat - What's going on??

The Hello Kitty Strat has been around for a while now and has gained popularity thanks to influencers like The Doo and UA-camr Agufish.
The Squier Hello Kitty Stratocaster is a distinctive pink guitar with a cat face pickguard and by all accounts is not a good guitar.
So why are people prepared to spend up to $1000 to buy one?
Is the Hello Kitty Guitar a great investment and a collectible item or is it just hype and guitar players will buy one because they are guitar players and that's what guitar players do?
Believe the hype?
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