What is the reason for the prohibition of Isbal?

Scholars have differed regarding the reason for the prohibition of isbal (letting one's garment hang below the ankles). Some have held that the reason for the prohibition is only khuyala' (arrogance/pride), basing their argument on the apparent meanings of ahadith that restricted the prohibition to khuyala'. Others have gone to the view that the reason is not khuyala' alone, but also includes extravagance, luxury, wastefulness, and squandering. They base this on Quranic verses that condemn these attributes, and on ahadith in which khuyala' was not mentioned. Still others have held that the prohibition is ta'abbudi (an act of worship whose reason is not explicitly known, but is obeyed as a divine command).