Those almost universally look bad, because you can't tailor them. That's fine for the sort of people that rent tuxedos, because they don't care - they need a tuxedo because a dress code calls for it, but they aren't into it.

On the other hand, people that like designer fashion are into it. So, they will want to get their pieces tailored for their body, because if they don't, it'll generally look meh. You can't do that if you rented it.