There is a tradeoff between being a normal culture that is yay bling and being a normal culture that explicitly wants to avoid indebtedness in pursuit of bling or wants to favor less inequality rather than more on a long continuum.
This is why some cultures developed sumptuary laws and restrictions on the elegance of female dress. Being yay bling is plenty traditional, but it comes with its own problems, and as far as Western Christian traditional cultures are concerned, a certain amount of levelling was necessary to deal with those problems, something quite lost to modern Western Christians whose dress standards are influenced by mental illness and spiritual decay.
Many conservatives think the sweatpants culture is intentional, and it was at one point, but at this point it’s mostly just crippling mental and spiritual damage rather than some conspiracy against formal wear. It’s especially true in the canary-coalmine case of conservative Christian SAHMs.