It is not necessarily true that markets contain irrational behavior. If the basic theory underlying economics is sound, there is a real force of actual utility that drives it, and that force has a logic of its own. But utility includes subconscious biological forces, social desires and other computations that are hidden from the conscious actor.
It may be true that expressing a given kind of power has a real unconscious biological advantage, or that people unconsciously believe that it has such value. Then action based upon display of that power is not irrational, it is just based on hidden variables. If such behavior is driven by the competition inherent in genetic, biological and social imperatives of individuals, it is, at root driven by a sort of computation meant to leverage the power of information, and it cannot be anything other than a logical bet given all the information that comes into it.
If this notion of absolute utility is, in fact not real, then the overall phenomenon of markets remains inexplicable. They are clearly not driven by conscious decisions, but they are also subject to manipulations that seem to follow real rules.
There is no relationship between what is rational at this level and what is ethical. So I think there is a relatively deep nonsequitur in your question. What is rational, in terms of absolute survival, may be for me to kill a large number of people, so that the planet survives, and our lives are better, but that would still be immoral. Slave labor is rational in market terms if the social costs of violence and fear are subsidized. That does not mean it is 'correct' in any more general sense.