That difference will be gone in ten years if it isn't already, although oldsters will continue to bemoan it for another twenty.
This is not a random arbitrary social choice, either; if you're showing your underpants then you're not far away from showing other stuff we really don't wanna see. That's why the social convention is that you need two layers downstairs and one layer upstairs to be considered dressed.
If your next question is "yes, but why do people object to seeing strangers' genitals?" then I could point you at some ev-psych just-so stories, but the answer is "we just do, okay?"
Unless you're going to a beach then you really only need the underpants. :D (Unless you're at a nude beach, then clothing is optional or frowned on)
Not being trying snarky, just pointing out that it's actually a bit arbitrary.