There should be a "spotted" thread dedicated solely for this booger of a vehicle. I nearly pissed my pants when I saw it tonight off of South Academy....instantly I had a flashback to this pic you posted
Most dealers have a wall of shame for cars like that, but they usually have to have an M badge on them to make the wall. Otherwise, it's just personal choice and not trying to be a poser. I've seen some crazy pictures. I actually took one of an E39 528i with M5 badges all over it. It's absolutely disgusting. He saw me taking pictures of him and tried to get away from me. I was in my 550Xi. He was going nowhere until I was done taking my pictures.