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I understand the necessity for certain rare occasions like wedding and funerals. But I’m talking about occasions like Thanksgiving or Christmas, or events like plays at the theatre, or bars/clubs with such a dress code.
Plainly put, formal wear for men is a standardised work uniform. At least where I live, this consists of a white dress shirt tucked into a dark pair of trousers, with a black belt, and black or brown oxfords. Why does anyone want to see more of that same old boring stuff at their parties or bars? It’s considered smart and respectful, and it is assumed that if you don’t dress like that, you don’t look good and you don’t respect the occasion. Personally, I think I’m respecting the occasion more if I get to dress nicely but with my own unique aesthetic, in clothes that aren’t my work uniform for 9-5. Who actually wants to look across the room and see half the people dressed exactly the same for a party/bar? We don’t make plumbers show up in their uniforms.