Is Middle School Graduation turning into A Fashion Display?

Attending one of my son's middle school graduation, I was more than a bit amazed at the fashion display I had to witness. Maybe I paid more attetion to it than I would have if the sound system had worked properly and I could understand what people said rather than try to read it off their lips.
Especially on the girls side, fancy dos and expensive clothes looked the norm. Beyonce or Oscar actresses would not have looked out of place. On the boys side (besides the gum chewing on stage) some outfits were showy rather than tasteful.
The question in my head while I witnessed this was: is it all about showing off and how much you spent rather than marking a growing up moment ( passage to high school)?
For full disclosure, I have to say that I did my transition to high school in the 70's, another era I guess.