This situation is not weird actually, it happens all the time everywhere; believe me there are lots of big headed people like this out there, in every occupation- they are just useless people not contributing to the society. What is pain in the ass is that when they have some sort of authority they will use it to their own advances.
I can see you were pretty frustrated when you wrote this thread. But don’t get too emotional, It is not worth it to leave something that benefits you financially. Your boss picked you out of so many applicants because he believed in you. You are in this company to do your job-which means you are going to design products that WILL SELL, this guy wants your product banned for selfish reasons so you are not going to let him have that.
I suggest you- Next time when you are in a conference, be prepared, make sure your product is designed impressively; make everyone see your point. Supposedly he is being a bitch to you/your design for no apparent reason, caught that moment when he whines about some random bs, and QUESTION him why he thinks that. Question him intensively and back up with market research facts. You have to show other people that your idea is awesome and should be produced, like deciding a law should be passed.