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.
It’s a way to display power, the ruling “elite” need to enforce their status. It started thousands years ago with the ruling class showing of their opulence.