Nah. It's supposed to be more reflective of how the character, more so than thinking low of their self, puts the love interest on a pedestal. That's why you'll notice in the ones that aren't pwp, there's usually a friend, a love rival, or combination of the two thrown in the mix to help MC realize their worth.
It's also an easy way to throw in plot conflict while still being realistic. Imagine you are just an average person in looks and financial status who keeps their head down. If the richest, most handsome guy at your school just suddenly started talking to you and wanted to date you then you might be reasonably nervous about their intentions and wonder why they sought you out when you do nothing to bring attention to yourself and nothing about you naturally draws the attention of others.
The problem is I have seen this trope used also by third parties, i.e. friends/fans who don't think someone is "worthy" to be even friends or associated in any way with somebody who has status. In the stories it always due to lack of status of the one and the great status (in whatever way) of the other. And who the heck are they, especially if no more than fans or hanger-ons, to judge for someone else, based on nothing more than status, who they should or shouldn't be friends with. So while of course this does occur to some degree everywhere, there seems to be a bit of something extra going on here, that seems to be widespread a phenomenon in Japanese society that it is constantly popping up in manga and anime of all genres.
Ok- I know this is just a fluff yaoi manga, and I don't take the story seriously. That being said, why does the trope of not understanding why someone with any sort significant social status (money, political, celebrity, etc.) possibly wanting to be friends with ANYBODY ordinary constantly pop up? Like it is a totally inconceivable that they may just like the person irrespective of social standing. I'm really beginning to to feel that this says more about how the Japanese view social status, both from above and below. And that is tragic.