that is a silly style
and of course legislation is more silly. Indecent exposure is never more than a couple of seconds away if they want a law to be broken.
I work at a local park in athletics and I see that a lot. The dumbest part is the few that have to keep their hands always free to fight gravity. They hitch up the pants and the pants immediately start falling off . Literally every few seconds they have to have a hand free to hitch them up again. Usually the oversized shirt covers any potential embarrassment but the pants often find their way halfway to the knees before they are retrieved