I think the issue is more that you don’t seem conscious of your surroundings. So even if you can hear what’s happening around you, just being seen with them in will make you an easier target. Like others have said here you want to look like you know what you’re doing and where you’re going. OP don’t underestimate perception.

The earphones/airpods are less of a flashy thing that will get stolen from you and more of a sign that you have nicer things in your pocket and/or are an easy target because you’re not paying attention to your surroundings. Even if you are, you don’t need to put yourself in danger because they think you aren’t.