Sort of, but it's all fake if you don't have the right QC strictness at manufacture. People like to joke about "fake size numbers" and "S/M/L" and "different style cuts", but forget about that and focus on waist and inseam measurements for a moment.
Men's pants have been labeled with waist and inseam measurements in inches forever, and, differences person to person and brand to brand entirely aside, the same brand of pants in the same style in the same color with the same size label on the same day can have different actual waist circumferences by more than half an inch so that one pair will fit _you_ and another won't fit _you_ because their assembly tolerance is higher than your fit tolerance.
I bought a suit a while back - they tailored it (pants and jacket) for <$20. This is "really expensive" if it is a $10 t-shirt, but not that bad if it is an $80 point-down shirt, and even reasonable if it is a $200 pant/jacket combo
I was mostly referring to day-to-day wear that's $10-40 or so off the rack.
I'm selfishly disappointed China's takeover of Hong Kong because it gives me very mixed feeling about getting suits from there. They do amazing work, but supporting them is, in a sense, supporting China's takeover, even if the shop had nothing to do with it.
And one can specify their body measurements all they like, but it barely helps selecting a size online or even in store.
This sort of thing has been being talked about for 20+ years. The problems include that you're probably never going to get to the equivalent of a tailored suit--even after taking all their measurements, tailors often will make some final adjustments. On the other hand, most people are fine with their day to day polo shirts, T-shirts, and trousers being off the rack without paying double/triple or whatever for customization.
[0] https://99percentinvisible.org/episode/on-average/