"What is the point in collecting"?

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It's an element of all of the reasons stated, with number 3 being the least important.

I also wonder if there is some common psychological factor that leads people to collect things.

I was given a gift of money from my father for my 50th birthday. I decided to spend all of it on a fountain pen. It sent me down a new rabbit hole and now I have 5 more fountain pens.

The original one is enough for my needs. Why did I want more of them? I can just about justify them because they get used on a daily basis, and they have different coloured inks in them.
 
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I’m once called this a collectors forum and got lit up for it. I think there is a stigma associated with the term “collector” like it’s snooty. Kinda like “audiophile” (which based on recent behavior on an audio forum I joined last year holds true) … really never saw that on OF even if things get “salty” here on occasion, so it’s jarring to see it elsewhere. I’ve always enjoyed watches, bought quite a few when I had disposable income, there were patterns so it’s a collection. I make no apologies. @styggpyggeno1 always enjoyed your bike pics. Like cars, they are space intensive.
 
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The original one is enough for my needs. Why did I want more of them? I can just about justify them because they get used on a daily basis, and they have different coloured inks in them.
Start using a Dulux or a female colour chart you will have hundreds.

“Disco Nap” with a hint of “Elephants Breath”
https://www.housebeautiful.com/room-decorating/colors/g38552677/funny-paint-color-names/