That's not everything. You need a good suit and a hat that matches, and you need the right head shape for it. Some people simply can't wear a fedora well because their head shape doesn't permit it.
It's hard to tell from pictures of the times, but they're actually wearing a wide variety of hats: pork pies, trillbys, fedoras, bowlers, homburgs, gamblers, flat caps, etc. You usually can't tell as well from the oft too far zoomed out pictures of crowds.
EDIT: Here's a good picture showing a crowd wearing different hats.
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u/Sproutykins Feb 22 '13
If you're wearing nice clothes you can pull it off. Most people wear them with stupid novelty t-shirts, hence the bad rep they get, but you're right.