Interesting question - interesting too that women waste so much time in comparison to men when it comes to dressing up. Perhaps that is the point - keep the women busy with unimportant things, while the men waste no time getting down to business.
I suspect it is rooted in history but there is nothing to say a woman cannot wear a suit should she so wish. I'm inclined to think not many would so wish when there are so many glamourous evening dresses to be had.
Let's face it! Men's' attire is pretty basically boring, isn't it?
Trousers, Shirt, Tie, Shoes & Socks!
Can't do THAT much with such a limited wardrobe!