Being hyper judgemental about the clothes people wear isn't productive
However, like it or not, it is a signal because it means you deviate significantly from the mode of the distribution. And a sober application of Bayes suggests that if anything, all else equal that signal is a negative one.
Admittedly I thankfully wasn't in the SV bubble where people are wound this tightly about it!
If an interviewer can't tell the difference between a flex and show of good intent, they probably should go back to jobs where they don't need to make judgements of character.
If you forgive me the analogy, and assuming you're American, would you think of checking the etiquette of entering into a shop? In the US, the concept itself is weird, you go in, buy stuff, and leave. In France, you must greet the shopkeeper right as you go in through the door. In Hungary, you must wish the shopkeeper a good day in reply to their greeting. It's simple... if you know it's even a thing you should check.
As long as suits and ties remain the uniform of politicians and managers, I don't think techies will ever willingly adopt it for themselves as well.
There are many ways to wear a suit. If you walking in wearing a suit that doesn't fit, doesn't suite (no pun intended) you, and it obviously makes you feel uncomfortable then that could count against you. But you walk in wearing a suit that fits, makes you look good, and that you are comfortable wearing, then I have a hard time seeing how it will count against you.