This is what some people are referring to when they talk about "pimps" wearing flashy clothes
https://www.aier.org/article/why-drug-dealers-rappers-and-pimps-wear-their-wealth
That article is not relevant to the point the OP of this thread makes, imo.
And yes, the article describes what pimps do (did?) with the wealth accumulated by pimping, they embellished themselves.
In conclusion, pimping one's bike would only be correct if the end result was as vulgar as the showing off practiced by ... a pimp in the 70's
Modern pimps might be more sophisticated
There's a lot more to it than showing off wealth earned off the back of others (on their backs)