True, and studies of how fashion works do show that exact trend, of people who are prominent enough that they can do that and be perceived in the way they desire. But it's better to do that knowingly, and be confident of which end of the spectrum you're on. If you're trying to climb upwards, it sure can't hurt to make your path smoother. If you feel like you're already on the top, and you can take some risks, then feel free to choose different strategies to cope with your success. :)

Know your audience, and make sure you're sending the signal you think you're sending. If you don't already have all the reputation you need, fashion matters a lot more in establishing a baseline.