I have never used that phrase as a compliment.
Well it is as far as I'm concerned. A "trophy wife " is a wife the husband is so proud of and wants to show her off. She's great inside and out. Makes her husband's buttons burst with pride.
We need MUCH more of that exemplified in our anti-feminine, anti-masculine, neurotic popular culture today.
IMO, the only people that don't like "trophy wife " are the frumped-up Leftists. They CERTAINLY don't like truly feminine and truly glamorous Melania.