Since one of the things that Miss Universe supposedly stands for is women's rights, I think it would be great to see how these women look in business suits. Being able to conduct one'self properly in a business setting is critical to success, and it would be important to know a beauty queen can look great in a suit.
In an earlier age, the ballroom dress component of the Miss Universe competition made sense. Coming out of the aristocratic times of the 19th century, ballroom dresses were a social necessity for many and so they naturally became a part of the contest. But these days, business suits are much more commonly seen, and so the competition should be adjusted.
The competition is already long enough, so I don't think it should be added as an extra event, but a business attire portion incorporated in some way is actually a pretty good idea. Interest in the pageants have dwindled over the years, and this could be an interesting twist. Eliminating the swimsuit competition and replacing it with business wear could also convey a message of empowering women.
That is taking away from the competition. I don't know why people think it is sexist to be beautiful. That would be like going to a men's body building competion and having them in suits. Portraying them as a business person isn't the purpose of the tradition of these competitons. Also if they don't like wearing a dress or a swimsuit, they aren't being forced to do these competitions. They can always go to college, get a professional job and wear a suit every day.