Arguably, suit and ties aren't clothes, they're costumes. They were bound to phase out eventually.
I spent most of last week in all-day meetings with executives, senior consultants, and engineering managers. Each group dressed distinctively. It’s been 3 years since I attended such meetings in person and I’d forgotten…
Execs - suits with open collar/no tie, dress watches (Tag, Rolex, etc)
Consultants - slacks and jacket. Casual shoes (but not sneakers). Apple Watches.
Engineering - jeans and sneakers. Apple Watches.
Not hard and fast rules, but definitely a pattern.