It has. That inequality means that a small number of people can drive the price of certain items, such as housing, way above inflation, making it impossible for people who rely on their salaries to buy and own a home, or even manage to pay rent. Being forced to live farther and farther away from where you work, wasting precious time in transit to and back from work (or anywhere you need to be), just in order to have some money, reduces the quality of life.
There is enough money around to fix poverty in most places and still have rich people enjoying their luxurious lives. Inequality has a very direct impact in the quality of life of millions.