Gambling certainly gets you status - walk around Vegas and check out the businesspeople playing together. Or for a non-casino version, read about people playing Liar's Poker on Wall Street (in, aptly, Liar's Poker).
And on a smaller scale, it gets you enjoyment. I've had some fun times playing low-minimum blackjack, chatting to other players and the dealer. It got me "nothing at all", but in the same sense that a concert or the markup on drinks at a bar gets you "nothing at all".
Ok, but I'm not a gambling addict, and most people who gamble don't become addicts.
I know people who are literally homeless because they'd rather spend their money following bands around. Some of those bands are too niche to be "socially valuable". Does that mean we need to equate music with heroin, too?
The existence of addicts, or the lack of a social movement or physical product, does not determine whether something is worthwhile. Applying your standard would cut out everything up to "going for a walk in the woods", unless by socially valuable you just mean "things I find aesthetic".
Some people enjoy playing games and think they are good enough to wager money for it. It's not unreasonable for people to go to Vegas or Atlantic City with a disposable cash budget of how much they can gamble away. You just factor it into the cost of the vacation. It's entertainment, losing sucks but it's always fun to win even if you are still down from what you started with.
For some people, luxury cars are a waste of money. Everyone has their own priorities on what is important to spend their money on. Some people like expensive cars and spend their money on it. Some people just want something that won't break down and can get them to work so they can spend their money on whatever hobby they really like.
In one of them you get a luxury item -- with both use value, status value, and resale value.
In the other you get nothing at all. Not even status.