I spent Saturday in a rented tuxedo.
I don't entirely agree with Graeber, but it can only be true that the suit and tie fulfills a cultural objective as it has had such a long run. I am glad that I am not expected to suit up often, and I expect that greater decentralization of the workplace will continue to undermine this attire.
Perhaps a more interesting question is not what a tie represents, but when and where is it expected, and when can you get away without it? I have no problem with adopting attire outside of my normal wardrobe when it comes to ceremonial occasions. Wearing a tux was a statement of solidarity on Saturday. There was an Indian wedding at the same hotel where everyone, whether Indian or not, was in traditional Indian attire. I would enjoy the opportunity to wear something I never had before as part of a celebration.
I feel far less comfortable wearing the suit and tie in a work capacity, where I see it as largely unnecessary.