Stefan_King comments on Why Real Men Wear Pink - Less Wrong
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I agree with everything except your first paragraph. I've never had trouble finding perfectly normal clothing that allows me to sidestep fashion and merely look good. Neither have I noticed any particular social opprobrium for doing so, though I'm hardly at a maximal status (and my social circle is likely atypical), so who knows.
My impression is that it's always been possible (for men at least) to take the low-risk option and dress "conservatively".
del
Designer suits, Savile Row suits, and bespoke brogues are among the most expensive garments men can buy. Surely there is status signalling involved in conservative fashions. Granted, the logos are typically less conspicuous in formal, semi-formal, and business attire, but doesn't that just signal refinement?
Designer jeans and expensive basketball shoes were largely unheard of until the late 1970s. The peacock signaling that you associate with clubwear may just be an artifact of the fact that human leks now take place in nightclubs more often than in Débutante balls.
There is also the trend wherein yesteryear's formalwear becomes the clothing of today's servants (think tailcoats and livery) while yesteryear's sporting garments appreciate in status. For example, the sportcoat was originally a hunting jacket. The blazer, too, was associated with sport. Brogues (AKA wingtips) were once outdoor shoes.