For generations they have signified femininity and glamour - but a pair of high heels was once an essential accessory for men.
As I understand it, high heels started out as shoes for riding horses. Considering hardly anyone rides horses anymore, and how uncomfortable walking in high heels is, I kinda have the opposite question: Why do people still wear them?
Impracticality and fashion are often interlinked. The affluent traditionally have less of a need for function over form, so styles trend towards the extreme end of inconvenience to convey opulence. Emulating the wealthy is seen as a way to project wealth and status. As styles trickle down, the less sensible elements become associated with elegance.
Condensed, high heels are a way to signal affluence whether or not it exists.