I do the same, although my reasoning probably slightly differs. I hate the idea that I'll mangle a pastime as "primitive" as hiking or biking into some technology optimization problem. People did this stuff way back with perfectly simple gear and were entirely happy enough.

Sure, I could probably be a bit faster or go on a bit longer if I had better gear. But I could also achieve that by just getting into a better shape. With this level of commitment the gear is not the limiting factor. If I can't go faster with this bike, then I don't deserve to go faster with a fancier one, god dammit.

My work is very complicated and technical, so I get some satisfaction from keeping my hobbies ascetic.