Yes, and the clothes. Okay, I know by many statistical measures we're wealthier now. But those clothes would cost a fortune now. Do they have fewer outfits? Are we only seeing the elite?
At a low confidence, I'd suggest that fabrics were often of higher quality, but even more often were simply sturdier. Our "better fabrics" often have a focus on being light weight at a cost to durability - which is a fine thing for some use cases and a poor fit for others.
EDIT: I suppose the photographer might have preferred better dressed subjects, too.
One guy had a beaver pelt top hat. I read somewhere that at one time they cost as much as a Porsche in today's dollars, though you can only make a crude analogy between our money and theirs.
We are wealthy because so many cheap things exist now, so we can have a lot of things. But tailored clothes are still expensive.