I work in downtown Louisville. It truly is almost a surprise now to see someone with a suit on. People in the financial industry, at least in Louisville, just don't wear them any longer. When I see someone with a suit on, I just assume they are an attorney who is due in court that day.
Pre-pandemic, I used to travel several weeks a year to Chicago for work. Suits were a little more common there, but still just a fraction of what they were 15-20 years ago.