It's the trend against corporatism, just like any rejection of "the man" before it. Suits will come and go. They've been back in style in the last 10 years, but now there are a lot of deviations that add style and flare to them. The days of walking down Wall Street and seeing every male wearing a variation of the same suit are over.
Nothing wrong with suits. I wear whatever I want now, but I kind of liked wearing a suit when I used to at my first job. It was easy... never had to worry about what I was wearing to work. It'd just be a decision on the shirt and the tie, some sort of white/blue/blush/salmon shirt, some sort of standard tie... the end, the rest of the outfit was picked out for me.
Suits are also an equalizer at jobs that require them. Everybody is wearing a suit, from the highest earning executive, to the newest hire. Sure, there are plenty of degrees between quality, cut, and price of course, but by and large, it masks a lot of that difference. Now, some people might not like that, they might want an executive to show his/her status or they might think that it hides originality, which sure, it does both of that. Suits also help a lot of junior (and senior) people who don't know how to dress simply get a lot of basic style for free. Sure, you can poorly wear a suit or have the wrong combination or look like a slob, but the person who looks like a slob in a suit probably looks a hell of a lot worse in their other clothes too, and the suit can help mask that general slobbiness.
I still like how I look in suits, I have more confidence, clean up, stand differently, it masks the parts of my body that I'm less confident of (ponch), while highlighting my shoulders, chest, etc. The suit will come and go, always will, nothing wrong with it over any other kinds of clothes.
Also, I'd strongly recommend that people here donate their old suits. Good Will, Savers, Salvation Army is one option, but there's also groups that specialize in tightening up and cleaning up suits for low-income people for interviews. I give mine to a church organization in my city that does this for near-homeless/sheltered/addicted people. It's a great thing to do. Someone can be really down on their luck, and they get fitted into a suit and it totally changes their outlook and demeanor.
Also, suits don't have to be expensive. I buy almost all of my suits these days off the rack at Nordstrom Rack, and you get really good suits for 50-80% off. I only wear suits a few times a year now, and so I've got one good bespoke suit, and then my others are off the rack.