I think it definitely depends on the environment you work in.
In my job it is imperative to be fairly casual and comfortable- I spend about 70pc of my working week either walking or doing some sort of activity outside the office with the people I support. The rest of the time I am in the office doing paperwork or attending meetings, and it is totally normal to see the big boss in jeans and a shirt (no tie, no top button).
We have a dress code that explicitly states that during support hours (ie when you are not physically in the office, I'm a support worker) we should wear casual clothing that we are able to run in if necessary, and heels are banned. As long as you are not overly exposed or wearing offensive slogans/football shirts etc, then anything goes
In the office, you can wear heels, but otherwise the same dress code applies.
Makeup is acceptable, and I do wear makeup most days but there are times when that is not really practical such as if I was taking someone swimming or if it's bad weather and I will be outside for most of the day. Again as long as it's not OTT or offensive nobody cares. Ditto for tattoos, piercings, odd hair etc.
I think I'm very lucky with my job as I'm not required to make an effort appearance wise to get ahead. I do think in certain areas of work, particularly in office based and customer facing roles, there is a tendency to favour those who make the effort to look smart. I have worked in other areas that have been like this and I definitely prefer my current employer's stance.