I'm sure some people wear clothing to signal status, but that shouldn't be your primary reason for choosing one article of clothing over another. A man wearing pants and a button-up shirt looks objectively more appealing than a man in a t-shirt and shorts. Suits and business casual clothing are designed to accentuate the physical features of the person wearing them. The way the "V" of a button-up shirt opens up at the top - this frames the face and draws attention to it. A sport coat can broaden the shoulders and thin the waist. When a properly fitting suit or business casual outfit comes together in the right way, it makes the wearer look pleasing, not distracting, and not like they're trying to make some status statement. They just look nice.