I think this is another case of us having to wait until more options are available.
I'm a big fan, however, of new features not REMOVING options, ie we should be able to recreate what we currently have available, then move on from there with new items.
I think I disagree on the 'realism' point of view though. You are looking at probably the richest, most exclusive, .01% of the entire population of the galaxy, wealthy beyond imagining. I'm pretty sure quite a few of them would be wearing some ridiculous, exclusive, stupidly expensive clothing (I'm picturing some of the more outlandish Gallente outfits being future versions of Lady Gaga schemes).
Absolutely many would choose to wear more conservative and 'plain' clothing, but I certainly wouldn't put it past many capsuleers to be standing out at all times from those around them, especially the more egotistical/'cliquey' sorts.
I would also suspect we'd have quite a bit more 'military' options. Variations of Navy uniforms are the first thing I would expect. Military clothing, dress uniforms, elaborate admiral sorts of costuming.
I just find it silly that many of the clothing options have ludicrously wealthy individuals looking like peasants (at least in Amarr cases). Where's the flowing silk gowns, the golden head-dresses, and solid-gold jewlry?