Actually, I wholeheartedly disagree with people who claim that others don't have time for analyzing what you might be wearing. I do it every time I go out. I find it quite fun to figure out what handbags I see in the wild!

Some people do that with cars, other do that with jewelry or clothing... I do that with handbags.
In any case, to answer your (somewhat strange) question, it really depends on what social circles you belong to and where you live. Do people close to you care about the latest handbag trends? Do you want to be perceived as "on trend"? Do you care what people think about your handbags (clearly the answer is
yes from this post)? This bag looks fine but I can't say it's a head turner.
If you don't wear it, sell it or donate it and then buy something that you will wear often!
I agree with this.
You asked about the social implications - not the moral or rational implications. So, my comments are in that vein.
If you are around people who know and very much care about bags, then, to most, your bag will seem dated and out of style. The stitching and the shape aren’t “in” right now. So by unfair transference you may seem dated, frumpy, older, etc.
A very few of those who know and care about bags will applaud you for finding a vintage-y
Coach because they will know it has great leather / construction, etc. But they will likely still think it’s a little dated even though that won’t limit their appreciation.
A very small portion of the people who love bags will be envious of your bag because it will be something they either can’t afford or can’t find.
The rest of the world (which is likely 90+% of people) won’t notice or care. As long as the bag is well cared for and conditioned and it compliments your overall outfit, they won’t think twice about it. Heck, they won’t think once about it. Some of them will be busy snarking over your hair, height, color, car, life partner, etc.
So, to me, at the end of the day, it comes down to who you hang around and how much you care about what they think. Since you started the thread, I think it’s safe to assume you do care to some extent (which isn’t an odd thing. Most of us on tPF are that way to some small extent or we’d carry our things in brown paper sacks) So then it’s about figuring out your “audience.”
My own two cents. Unless I’m at work, I tend to do what I want to do. That freedom had come from getting my feelings hurt one time to many by (young or grown up) mean girls and finally deciding mean people aren’t who I want to worry about or be socially imprisoned by.
Yes, I am conscious about the image I project and manage it to be in alignment with me. But I don’t ever change me anymore. So, I say wear what makes you happy knowing and learning to not care that there is chatter in the background. 