This is indeed the source of the problem. Guys want the style, but aren't willing to back it up with the substance.
It is certainly feasible to go big and to have reliability, but you have to go big all the way through the vehicle. This means axles with larger axle shafts and larger brakes, larger diameter driveshafts with larger U-joints, transfer cases with wider chains or no chains at all... the list could go on and on. How big you want to go dictates how far you have to go with the modifications.
I think one of the roots of the problem is that there are two distinct camps, yet the observers lump all of them in one group. Those who want the style but aren't willing to back it up make the whole picture look bad. Yet there are those who build these types of vehicles well and use them successfully. Lamentably, many people can't distinguish the difference.
The story behind Hooker Headers comes to mind. Gary Hooker was a successful drag racer in the early/mid '60s. He was at a track when a factory sponsored car was present and being dyno tested. The factory car and his were very similar and so he was invited to put his car on the dyno so they could see how the two compared. Gary's car turned out better numbers. So the factory sponsored crowd took a look at what was different about his car and what they could see were the headers. They told Gary they wanted a set of those, and that was the start of Hooker Headers. The thing is, they could not see all the internal tuning Gary had done on that engine, things like running without head gaskets. They latched onto the immediately obvious, external difference and decided that was the factor that mattered. The truth is that was but the tip of an iceberg.
It is much the same with building a rig. A lift and tires is just one element in a larger picture. If you want to make that immediately visible change then you need to be prepared to make the rest of the necessary changes too. And it is plenty viable. You don't have to be a rocket scientist to put together a working package. But you can't be lazy and cheap about it. Go into it with your eyes open, do some research and invest the time and money and you can have results to be proud of.