Unfortunate, because you can take even the dumpiest looking guy and put him in a well fitting suit, and he'll look fantastic.
People will always find ways to differentiate themselves by their clothing. Steve Job's all black outfit is one example.
I've noticed in the business I work in that the higher ups, while dressed casually, wear clothing that fits well, is pressed, and is of a higher quality. It's not unusual to see them wear a suit style sport jacket.
The lower levels wear clothing that is obviously off the rack and rarely pressed. Often it looks like it came right out of the dryer before they put it on--wrinkled all to hell.
I grew up in the dry cleaning business; I notice these things. The difference between these two pictures is subtle, but it demonstrates a common difference between the dress of upper management and the cube-warriors in modern offices.
Style over substance. Who performs? That is the question. The only question.
I believe it’s the generation of current 40-50ish year olds that stopped dressing up. I noticed it about 10-15 years ago, people going to nice restaurants dressed like bums.