Seems to go way back to the B&W movie era - men in tuxedos, women in evening gowns and boas - glamorous socialites dressed to the nines, watching a couple buys beat each other up. Sometimes the MC is in a tux. I don’t get how that whole package goes together.
I’m reminded of a boxing movie I saw once — The actress goes to a boxing match in her fancy gown and blood splatters on it when the guy in the ring gets socked in the face.
I would imagine dressing up like this at a boxing match has to do with haves/have nots. Basically, they’re rich enough to watch the poors beat the shit out of each other for their enjoyment.
It’s certainly not practical to wear your finest clothes just to get blood splattered on them.