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Broadly, and without evidence:
Women in formal situations were decoration, another piece of fashion attached to a man.
Edit: https://en.m.wikipedia.org/wiki/Great_Male_Renunciation
I think this answer is on the right track but not the complete story. why don't men in the culture also use their own fashion to demonstrate their opulence? we have to look at not only why women but also why not men
Men definitely use fashion to demonstrate opulence. The range of available styles is far more limited than what women get, but there’s still plenty of variation in that range to send social signals of one’s wealth. In fact it creates a more apples-to-apples point of comparison. I can’t personally look at two dresses and know which one costs more, but I can easily spot the expensive suit.
And don’t forget that sometimes casual clothing can be used as a status symbol too. In a conference room full of Armani suits, it’s not unheard of for the 26 year old at the head of the table wearing a hoodie and chucks to be the one calling the shots.