The term "Macaroni" is an 18th century term used to denote someone who was "over the top". It is still common to this day, and it seems to be a combination of both fashion and facade. Fashion has long been about making the grandest entrance into a room. However, it also can be construed as an overboard method of hiding one's insecurities behind a lot of bravado.
Honestly, I was unaware of this fashion style. Though many people do like to stand out through their use of fashion, hence the term "fashion statement". It is most likely a phase that will come and go. That's the thing about fashion, something new is always trending. Here today, gone tomorrow.
No, macaroni is hardly fashion. Back in the 18th century, some people were wearing macaroni thinking it was cool. But it was ridiculous. More than anything it was a facade. It masked whatever insecurities and big egos people had that they were trying to cover up by wearing pasta. It was a silly fad that I hope doesn't come back.
The Macaroni fashion styles of old were mostly just for show. People who dressed that way just wanted attention. It is no different than the people of today who dress for reality television or other ways to get attention. There was no evidence to show that anything they did was actually fashionable at the time.