Well forgetting the fact that neither of us can prove what we think about this I do believe it's a form of signaling. At least in the sense that someone who does not have status if (from my observation over the years) less likely to do things that could further confirm or lower their status.
For example growing up my mom had a 'cleaning lady'. That cleaning lady would insist that when my mom dropped her off it was not in front of her house but where her neighbors couldn't see that another woman was dropping her off (because that would imply she was cleaning houses). Likewise an employee of my father (factory/warehouse work) would always change out of their clothes and travel home in something much nicer. And not because the clothes were dirty either.
I dress in a t-shirt and dungarees everyday. When I was younger (and also in my own new business) I wore a suit. Sure times were different but for one thing now I don't need to prove anything.