(Highlight mine)
No it's not.
It may very well be something you're not inclined to do, and that's fine, but for those of us that enjoy using the best tech year after year, it's not madness at all. Yes, there's always something better coming. And I'm always using it.
It does help that the iPhone resale values are very high; I'm not paying full price every single year for an iPhone. I'm paying (full_price - resale_price_of_last_phone), which is a whole lot less than full price. And, heck, even if I had to pay full price every year (which I did before my kids were old enough to purchase their own phones instead getting my hand-me-downs each year), it's worth the few bucks to be enjoying the best Apple has to offer rather than waiting years for it.
Every September is like a second christmas for me.