It's a big joke. Fashion in general is just a farce because it's all based on opinion. There is no hard fact about what looks good and what doesn't.

If this is true, you can apply this same logic to virtually any judgement-based ranking or competitions. In other words, this is the relevancy fallacy. Clothes are not made in a vacuum, rather, they are usually offsprings of fashion designers, trends (both pop culture, and national cultures) and their general appeal. Some other things that play into fashion trends are novelty (sometimes the thing that doesn't look like the rest ends up being the next best seller). Fashion designers test their designs, do market and opposition research (not just whether or not my shirt looks good, but if it looks good next to all of these other shirts as well), they then release and iterate their fabrics and designs to nail down the aesthetics like feel and texture (no one likes a dress or a shirt that feels icky to wear).

So overall, it's not really a farce. You may not agree with it, but it's a far cry from being made up, or simply "just some one's opinion"