Why do people like snapbacks?

Lately, I've seen a lot of people sporting them, and I don't know why. I was given a Mavericks Snapback, put it up on ebay, and it wound up with the winning bidder bidding $51!!! I then checked throughout the site, and most snapbacks were going for over $25. It's simply a cheap hat that looks somewhat vintage, and that's it? So my question is why would people go to such an extent to attain such simple hats??? Is it to make a fashion statement? Do people just like the closure? I mean, just what is the reason for so many people spending so much money on them?