I do agree clothing is in a funny spot at the moment. It reminds me a lot of the clothes in the original Twin Peaks in 1990, and the kinds of things that were popular when I was in high school.
It's not all bad, but some of it is not that easy to wear if you don't have a good sense of how to style them. And some is bad and looks idiotic.
As for the class element, it's not totally far-fetched, there are some items of clothing that seem to be class markers and it's not a new thing. Price point is a significant element maybe?
But I also think age is a huge factor. I looked up one of the brands that someone above recommended, and while I rather liked the punk elements, the cuts would be really unflattering for someone my age, the shoes would ruin my back, and the styles would be inappropriate for my job. Our bodies change as we age and tight low ride (fake) leather pants don't quite cut it as a middle aged woman.
But the droopy baggy clothes are also difficult as they tend to make older women look very dumpy. Often as women age I think more structured clothes are better. And they are think on the ground at the moment without spending on very high end brands.
I would say a word about more modest clothing. I think this is a good thing, and people should not assume that it means suggesting bodies are somehow shaming, It's really quite the opposite, it's about respect for your body and also for the people around you. Most people want to look attractive and put together, but there is really nothing weird about wanting to avoid presenting to the general public in a way that doesn't draw especial attention to our sexiness.