In today's democratized world there's no pressure from society to dress a certain way, so convenience wins. People wear cotton because it's easy to wash. People wear puffer jackets instead of coats because they cut off at the waist and are easier to move in.
People don't dress that way because what the garment stands for doesn't align with today's people's values. For men, there's also https://en.wikipedia.org/wiki/Great_Male_Renunciation