Another option on those same lines but maybe not quite as versatile, or tacky, as peg board, would be the same concept using slat board...
See examples here...
It's a little more refined, also read a lot more expensive. A guy could do the top half of the entire man cave in that stuff and hang horns til the cows come home.
Same deal on hooks, spray the base or buy the black ones, and tie them up with paracord. See accessory link top of the page on those.
Likewise, there are shelf brackets available for this stuff that would allow installation of small shelves for your set displays.
Either application you could do finished lumber shelves on the hooks, or if you really wanted to trick it out, find someone to mill some live edge slabs for the shelves.
Track lighting typically looks killer on this type of wall panel. Something about the horizontal lines and aimed light it just looks really nice.
Looking closely at a few of those pictures, and chasing links, see...
https://www.pinterest.com/brandtrim/cool-stuff-creative-slat-wall-ideas/
Several of those walls pictured with wooden slats, are not slat board. They are walls built to utilize slat hardware. Appear to be made out of 1x6 pine, spruce, cedar, redwood, dependent upon what you used they wouldn't have to be real expensive either. Can of stain goes a long way on Spruce. Wouldn't take much to frame a display case up and do something like this in the back either. That's a really simple build there!!