Subjective listening tests absolutely have value.....
We can see that is true from the prices asked - and apparently received - for certain items of audio equipment.
At the end of the day any - and I mean any - deviation from linearity in the audio chain will introduce distortion.
Now that distortion may be perceived as 'attractive' by some, and offensive to others..... But it is all still distortion, from an engineering point of view.
People have made fortunes - for example - from the non linearity introduced into valve (tube) based guitar amplifiers. Often by mistake - or simply bad design, but considered desirable by many folk.
I suspect the lowest distortion figures in microphones probably come from the 'push-pull' capsules fitted to the Sennheiser RF mics .
That should make them the most desirable, technically, but I'm not sure that's true?
The non linearity (distortion) introduced by various - notably tube based - microphones from suppliers like Neumann is often deemed highly desirable.
And of course Neumann will obviously capitalise on that reputation...... Why wouldn't they?
When 'upstart' companies like Rode came along and start introducing much cheaper microphones that actually perform quite well, the professional microphone 'establishment' are inclined to automatically ridicule the performance of these imposters.
It's the same story in many other aspects of audio electronics.... Certain model Hammond organs, certain Fender and Gibson guitars, certain Vox and Marshall amplifiers all have almost religious followings.
Objectively, many of their supposed 'superior' attributes are often nonsense. Subjectively, it's a totally different story.
There are some very capable marketing folk around. You just have to try and make sense of what is valid, and what is BS.
And it's not easy....I suspect we've all made the odd expensive mistake by getting that wrong, along the way!