The trophy wife aspect certainly is valid, and I would guess similar reasons account for the bulk of such relationships. Likewise, I’d have to say that I agree with most of what xepherys wrote. As to the origin of the phrase, your explanation seems plausible enough. In fact, I thought that this was something that had been perhaps coined in a late 19 th century, or early 20 th century, novel (this being a slightly wilder guess than yours and probably way off). Maybe, though, this is just one of those phrases that no one really knows the origins of.
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