Reverse snobbery is the phenomenon of looking not up at a social 'elite', but unfavourably on them,

Wikipedia entry > Reverse snobbery

Countersignalling, say the authors, can explain why mediocre students are keen to answer a teacher's easy questions, while the best students are embarrassed even to bother raising their hands, and why minor, insecure managers are obsessed with displays of power. The trouble now is that those of middle rank are sure to grasp the idea. What will high-flyers do next to distinguish themselves? Expect soon the theory of counter-counter signalling.

Economist (1.5.2003) > The economics of understatement

In New England, reverse snobbery is the order of the day; celebrities summering on Martha's Vineyard like nothing more than going to the town dump and scavenging, then bragging about their finds at catered cocktail parties. (Within hearing of the wait staff, for whom cruising the dump is a lifestyle necessity, not a lark.)

powell's/salon > snobbery: the american version [review]