The problem with dress codes (especially for men) is that men's formal or business fashion leaves very little to no room for creativity with the result of all men looking alike except for maybe a subtle difference with the tie, and some events even individuality there is forbidden. A choice between black, navy, or gray isn't really a choice.
No dress code on the other hand means you can dress in a way where you can truly express yourself. If people see you wearing a Venom or Punisher shirt they know what you're about and a little something about who you are. A suit can't do that, if every guy wears a suit then no guy really stands out and that's the problem.
From this article
http://www.chess.com/news/grand-prix-r5-karjakin-beats-tomashevsky-mvl-blunders-against-jakovenko-1683
At the press conference the players were asked if they think the Grand Prix tournaments need a dress code. In the current regulations there is a header 10. Interviews, functions and mode of dressing but that seems a mistake because no rule about clothing is included.
Caruana said: “It depends what kind of dress code. I think there probably is...a lot of the players don't follow it but I think there's something. I guess there should be.”
Jobava: “I remember in Tashkent, my first Grand Prix, when I heard that there is a dress code I bought a suit and was wearing it every day. But when I saw that guys were in jeans and shirts, I thought why?
“Then I changed to normal, because sometimes in a suit it's not so comfortable to play because when it's dangerous and you're in a bad position you get wet and it's unpleasant.”
There should be a poll :P
I vote no but of course everyone should dress decently (no naked/strip related stuff)