I believe there is merit to your argument. However, for a long time gold and silver have been known for their wide and varied
industrial uses. I believe that gold is one of the most
ductile and
malleable materials in existence, for example, as well as an excellent electrical
conductor.
However, long ago people didn't know this and liked to make jewelry from bright, shiny objects because they reflected the sun in interesting patterns that were aesthetically pleasing to look at. Perhaps, it would be more accurate to say that aesthetics are one of mankind's primary drives, not merely a rat-like love of shiny things.