If you have read it, go on:
This is a satire about high society, especially snobism and intellectual pretentiousness among high circles. Poe satirizes how everyone is known or praised for something about his trade, occupation, profession or knowledge, and as such people like these will take pride in talking about those things they know the most, the wine expert, about wines, the artist, about art, the philosopher, about philosophy, the geologist, about geology, so on, and while many of them are actually talking about other people, citing philosophers, citing painters, and others talk about famous wines and dishes, and about themes they know about, like physics, theology, philosophy, in the end I think Poe makes a point that they're doing this to favor how others percieve them, so that in the end it's all about themselves: "me, me and me". Why some are praised or highly regarded is irrelevant, and that's the point of the tale, as the very protagonist is hailed as a genius for no other thing than having a big nose, but this is so irrelevant, that when he feuds with other guy who's rude to him he cuts up the other guy's nose, the others end up despising him and preferring the noseless guy now, so that having no nose becomes the new source of praise. Note how there's some envy in the tale too, the guys start being rude at our protagonist when his talents earn him a lady's attention. That's why they end up hating him, he feuds one of these arrogant lions and loses all their favor to him, now noseless. So what's the source of praise? Being deemed a genius for doing something as trivial as touching his nose, pulling his nose (arrogance? presumption?), writing about "nosology", of which he knows more than anyone, having a larger nose. And in the end the better praise is gone to the guy without a nose. Triviality, arrogance, presumption, high regard. It's all a satire about those things.