Let's just clear up a couple of things:
1) No one walks around with a bunch of patches on their jackets. Any kind of patches. Seriously, how many people do you see walking around with patches on their jackets? And, for PADI MSD you only get one patch. So unless you swipe all your buddies' patches, you aren't walking around with a bunch of them on. Somehow people have taken the fact that you get a MSD patch and turned it into "I see people with jackets full of them walking around the dive sites all the time, talking about how great they are." Total, complete BS.
2) It's your money, so do what you want with it. If you feel like paying for the extra card and the patch, go for it! If not, no sweat. Maybe you want to put that cash towards a nice pair of split fins
3) This is just my experience, but I have yet to see anyone whip out their MSD card.
4) Hardly anyone with MSD rating actually thinks that they have mastered diving. Yeah, the name is stupid. But in many ways the same can be said of Divemaster.
5) The PADI hate on scubaboard is and will likely remain strong. Some of that might be deserved. But where would diving be without PADI? Face it, that single agency is responsible for something like 60-75% of all certifications. Say what you want about the marketing and the money-grabbing, but they pour a lot of resources into attracting new divers and trying to keep them motivated. If we only allow the uber-hardcore BPW tech-setup folks in the club then the sport is going to die out pretty quickly. The wording of the MSD rating might be over the top, but try not to let it irk you. Just accept it for what it is: a way to get new divers thinking about the next steps and to keep them motivated to continue diving and continue their training.