Philosopher, I disagree.
What does a fancier meal mean? More money. It doesn’t mean more respectful. We should be focusing on the MITZVAH aspect (which is what I think R’ Moshe was talking about). What’s the mitzvah? Being part of a minyan, reading from the Torah etc.
I don’t think its wise to spend money on a one time affair. I think it makes more sense to invest in more lasting things – a nicer house that you use all the time, music lessons (that can help with parnassa!) etc is more worth while than a fancy meal.