I, for one, wear suits simply because I enjoy them. I like how they look. More and more, as I get older, oddly. In my 20s you would have had to force me into one.
It's definitely true that there is status signaling involved, whether it's conscious or not, although I would hesitate to say that it's the suit's only purpose (and in my case, that's a side effect, not the purpose). You could make that argument about any clothing if you go that far.
But...I've definitely noticed being treated subtly better when I dress for occasions. Go to a nice restaurant dressed for an occasion, and you'll tend be treated like it's an occasion (obviously your milage may vary - act like a jerk and you'll be treated like one, no matter what you're wearing).
It's definitely true that there is status signaling involved, whether it's conscious or not, although I would hesitate to say that it's the suit's only purpose (and in my case, that's a side effect, not the purpose). You could make that argument about any clothing if you go that far.
But...I've definitely noticed being treated subtly better when I dress for occasions. Go to a nice restaurant dressed for an occasion, and you'll tend be treated like it's an occasion (obviously your milage may vary - act like a jerk and you'll be treated like one, no matter what you're wearing).