Women’s fashion, at least in the West, is about sex and submission. Because we live in a patriarchy, submissiveness in women is rewarded with material success, while dominant behaviour is punished. Clothing for women is all about demonstrating this submissiveness, either by hilighting their sexual receptiveness (by accentuating breasts and buttocks) or by hobbling a woman to highlight her physical weakness (sometimes literally, as with high heeled shoes).
The feet, of course, are a special case. The three locations where sex pheromones are released are the armpits, the groin, and the feet. This is why foot fetishism is so common. The associations between the foot and sex are quite strong. Women’s shoes are designed to be painful, awkward, and highly visibly incapacitating. Owning many pairs of shoes is, for a woman, like a slave owning many pairs of beautiful, gold-plated shackles, all of them covered in painful spikes; it tells the bourgeoisie that this slave accepts her shackles and considers them beautiful, and is therefore no threat to the status quo. Of course, whether the slave truly feels this way is another question entirely. It’s possible it may simply be protective camouflage. Nevertheless, the female obsession with shoes is simply a highly visible, socially-acceptable form of public foot bondage.