I used to travel from Godalming to Waterloo on the 8:05 fast train from Portsmouth harbour.
Every day I got into the same carriage, and sat in the same seat - and said 'good morning' to the same people, all of whom were reading the same papers.
Come rain or shine, winter or summer, we all travelled together every day, and everyone, without exception, wore a suit and tie - many wore stiff white collars and carried rolled umbrellas; some definitely had bowler hats.
There was that sense that all was right with the world, even though it probably wasn't, and it was a very rare occurrence for the train to run late. There was certainly no trace of vandalism in the carriages, and not a sign of anyone having scratched anything on the windows.
As for the present...........
I very much doubt that you need to 'dress correctly' (whatever that means) in order to conduct a business professionally, or that wearing a suit necessarily makes you any better in a business sense. I think it's probably right to expect that someone who works say, in a City of London investment banking company , should dress smartly, and make the effort to look clean and tidy, but you can do that without wearing a suit and tie. In my experience lots of big companies have a dress code, and that can include wearing suits and ties, but it's not a universal thing.
Different industries have different dress cultures, and in the publishing business for instance it has traditionally not been essential to dress up for work. The problem comes when some individuals seem unable to understand what is and what isn't acceptable, and that's when dress codes tend to be imposed.
I wouldn't want to go back to those 8:05 to Waterloo days, I think today's attitudes with regards to work-wear are far better, but I do agree that lots of people don't seem too bothered when it comes to their appearance.