The bias goes the other way now. A lot of people with a lot of money wouldn't hire a tech consultant in a "phony" suit with a stock photo -based website. They prefer "authentic" people who focus on their work, not their clothes.
I guess it kinda depends. Usually engineers do not get hired by 'someone with a lot of money'. They get hired by mid-level managers or a committee of stakeholders. I can understand that some scaleups in social media where hoodies are part of the corporate image are like that though. but would a tracksuit be appropriate even there?
But I am going to be 'consulting' for my countries tax authority soon. I wore a blazer to the take-in interview. I don't wear full suits myself as it is above my paygrade, but people expect to see at least business-casual in that kind of environment.