It also signals consideration for other human beings, not expecting them to jump through a bunch of expertise evaluating hoops, but instead allowing them to rely a commonly agreed upon and decently useful signal. Consideration for others is yet one more important thing to signal.
You can apply the same logic to an obese person as chronically under-dressed/fashion-averse one: They ought to be considerate enough to show their attention to detail through managing their health better and careful calorie intake.
I stand by my point that it's a shortcoming of our culture that we give those signals (i.e. "t-shirts aren't very professional!") any weight at all.
I won't claim an inverse trend but I've worked with enough relatively-useless and very well dressed people that it's basically noise.
We waste an absurd amount of time fretting over image collectively for one reason: to satisfy each others need to judge things by their covers --IOW, to satisfy each others need to make flawed judgements.
It's wise for one person to care about their image, but not for a whole group of people to gatekeep the way we do based on aesthetics. The relevance of a suit and tie is self perpetuating, something like "I got hazed when I joined this fraternity, so the new recruits should get hazed, too."