The Bling Ring actually existed. They were a loose grouping of LA teens who discovered that the rich and famous mostly leave their cars and houses unlocked- so they let themselves in and helped themselves. If they weren't caught at once (they took absolutely no precautions- no disguise, no gloves) it was because people like Paris have so much stuff they never noticed the loss of a few handbags and chokers.
The boy in the case compares himself and his girlfriends to Bonnie and Clyde, but there's a difference; Bonnie and Clyde went down in a firestorm of bullets, side by side- whereas this lot are only too eager to shop one another and exculpate themselves.
Films about the extremes of decadence are a lot like war films. Disgust and disapproval get swallowed up in thrills and spectacle. The kids in the Bling Ring may be totally shallow, but, gee, ain't they pretty!