They are beautiful, flashy, and easily desirable. They are sports cars because they are a gift bestowed on few people and there are supposed to be driven in sport, just for fun. It's like a trophy. Everyone wants one, but few have one.
A simple answer would be because it is a "sports car." The bold designs and speed of these cars are highly sought after. They target young men who want to be flashy and older men in a 'mid-life crisis'. As to why they are so expensive is usually because of low production numbers and performance.
In my opinion buying a brand new sports car isn't worth the money. I can easily turn any vehicle into a fast machine. People will always want the next best thing and the next best thing will cost more just because manufactures know that people will pay for them.
Takes more money to produce. And they go faster so they charge more for that.
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