That's a valid argument, but it doesn't really touch on what I meant. Conspicuous not in the sense of being flashy or standing out, but in the sense that it is not the time to look like you are trying to be frugal. If you are ever going to look like you are wearing expensive clothes that have no other use than in a formal environment, then this is it.
I agree with this ^ mostly. I think it has more to do with being appropriately dressed. I get what you are saying about things looking cheap, but I've seen plenty of inexpensive rigs look great and a bunch of very expensive ones look terrible.
And I will stipulate that to the average person, anyone wearing a decent looking rig looks "expensive".