De-badging has a lot do with personality! It probably also goes along with the concept of 'customising.' Customising is usually 'adding' stuff to the car - stripes, wheels, tinting, etc. and de-badging is the practice of 'removing' from stuff in order to customise! :fencelook: On older cars, it was beadings removed for a cleaner look.
And, de-badging adds a bit of mystery to the car as well.
I wouldn't de-badge an M car (M3, M5 etc) if I had one because M cars are 'complete' in a way - not something many would need to customise! And , the M5/m? badge has 'the look.'
Also, there are some BMWs that I would not de-badge because of the car's legendary, classic status - a 2002, an old E12 or 635csi, an 8 series - de-badging would be obliterating a rare collector's piece - the badges on classics are of great value as well. Newer badges can be replaced - classics very rare.
Really, it is about 'the look' simply. I like it! To me, the car looks clean, with a slight sense of mystery when it catches the eye of admirers!
It's like an attractive woman - they do not all walk around with name tags so you are left at a loss long after she crossed your path! :=):