It does affect trust-though probably not for the reasons most people assume.
We've always relied on shortcuts. Used to be a physical shop, a tailored suit, a corner office. Today, that shortcut can be an Instagram aesthetic, a profile photo, or visual consistency.
That said, I wouldn't call it "fake luxury." I've known genuinely talented people lose opportunities because their online presence looked sloppy. Conversely, accounts with meticulous branding were treated as authorities long before they'd demonstrated any real expertise.
The trouble starts when the aesthetic becomes the product.
My take: premium branding doesn't create value, but it can increase the likelihood that someone gives you enough attention to discover that value. On Instagram, perception is the first conversion-before the sale, before the DM, before trust itself.