Perhaps dressing poorly (very common) and not being in shape (bimodal distribution, there are many in very good shape and many in very bad shape, few in between) started out as a counter-signal, but today it is just sloppiness, or convenience, like it is more convenient to order fast food instead of grilling chicken.

I work in the tech industry, and although I don't usually wear a suit, I often show up in a spezzato, a pair of pants and a jacket of a different fabric/color. Nothing too flashy, but well put together. And I think that's the counter signal nowadays: show up looking good, feeling good, being what we want to be.