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Yeah but fashion lends itself to ever increasing pendantics, especially on liminal issues like what constitutes formal wear. If a group only wears polos on formal occasions, then that makes it formal wear, at least for that cultural group.
A similar phenomenon happens with shiny brogued leather shoes. They’re marketed as dress shoes and many people use them as formal wear, even as wedding attire, possibly thinking that the additional complexity of pretty geometric patterns must mean a more elegant and refined shoe. However, brogued shoes were originally developed for manual labourers to keep their feet ventilated and cool on the job, and the highest quality shoes are made of single cut leather pieces with no decoration at all. Does that mean people are mistakenly using brogued shoes as formal wear, or have brogued shoes become formal wear for those groups?
They know nothing about fashion. They think a polo shirt is formal wear, because it has buttons.