It seems deeply embedded historically. The "Traitorous Eight" split off over petty discontent like starting hours and suit requirements as opposed to a desire for more money or something higher minded like their projects with potential being ignored.

The entrepreneurial disruption mentality historically has been a "we are sick of your bullcrap and trappings, you idiots haven't been listening so we'll start our own".

That it has worked repeatedly and utterly devestated many titans corporations run by "professional" men in suits effectively validated their iconoclasm and rejection of the standards of old. It may be arrogance but there were enough validating moments to understand why.

Suits have taken on a negative connotation. It is implicitly seen as hidebound dinosaurdom and an admission of form over function. Sort of an assumption that if they are wearing a fancy suit then they are an empty suit.