Why do we wear suits?

Luckily I don't have to wear a suit for work. I am asked to wear a collared shirt anytime I'm going out any public. Not a big deal, you have to wear that to play golf in many places.
But suits? Mark Cuban feels their unnecessary as well.

Someone had once told me that you wear to work what your customers wear to work. That seemed to make sense to me, so I followed it, and expected those who worked for me to follow it as well.
After I sold MicroSolutions I decided that I never would wear a suit again. I was able to hold true to that while I was making a lot of money trading stocks for the next 5 years, but then Todd and I started AudioNet which would morph into Broadcast.com.
With our new business, I decided that I would have to wear a suit, but would modify the rule so that I would only wear a suit when someone I was selling to was wearing a suit. If they were selling to me, I didn't care if they were wearing a tux. I was going to go comfortable and not wear a suit.
When Broadcast.com was sold, the suit went out the window completely. I vowed to never wear one again other than weddings and funerals, and only then because it wasn't worth the hassle to deal with people asking why you didn't wear a suit. I'm certain the people getting married dint care, and I don't think anyone is going to be looking down at me wondering why I showed up at their funeral without a suit. Suits make no sense whatsoever.

Cuban suggest employers give their employees a raise and let them come to work with no suits required. Thoughts, comments?