Thanks to those who took the time to respond with valuable perspectives. I wanted to revisit this and offer up the experience I’ve had since I posted the original question in hopes it helps others who are looking for more info on this topic.

I’ve since talked with a number of consultants and posed this same question to them. They all told me wearing a nice suit was fine as long as I wasn’t flashy with jewelry, accessories, etc. I decided to wear a nice designer suit to my interview and received an offer. I’m sure my suit had little to no direct impact on having an offer extended, but I felt that it presented me in an appropriate and professional manner befitting the occasion, and I was therefore more comfortable and relaxed than I might have otherwise been. Of course, if I walked in dressed this way and acted like a tool or presented myself as that kind of individual, the outcome would likely have been very different. However, wearing a nice suit, independent of distasteful or obnoxious behavior, is apparently not a disqualifier.