In my part of the world the iPhone is so popular it's less of a status symbol these days. I see more older devices than new, so feel the hype has subsided in recent years. I'm sure some people like yourself are passionate about it and conscious of the admiration you think you're getting for having a new iPhone but I think that's more reserved for tech enthusiasts these days.
Its nothing to do with the status of having an iPhone, its the fact that they are selling a massively overpriced rehash of an old design whilst showing that they can make something much better and comparable to the competition.
I think that the iPhone 7's sales numbers from last quarter prove that consumers aren't really tired of the old design. The exciting thing to see will be if OLED, wireless charging, a screen without bezels and more will push average consumers to shell out more for the premium model.
Thats a year old iPhone though. People were still unhappy that apple had just used the same design for the 7 but there was nothing better on the horizon and people need to upgrade. When apple show their capabilities in the 8, the 7S will look like the outdated and overpriced phone it really is.