I've been directly and loudly laughed at by a room of engineers for wearing a suit to an interview. People often get their hackles up about it, but we have a dress code as strict as any 1960s office, it's just a different set of clothes.
My first job out of college had a strict(er) dress code. It also had the lowest average competence of any company I've worked for, by a large margin.
The places that have been the least strict about supposedly "professional" things like dress code, hours worked (etc.) have all been the most professional in terms of quality of work and mutual respect.
From that perspective, dressing more formally can be considered a signal of having the wrong priorities.
That said, while I don't think I would necessarily wear a suit to work, I want to use my dress-code freedom to dress up a bit, in a way that I think looks flattering.
Paradoxically, I would maybe shy away from the suit during the interview, but switch to it once you've been hired and established your credibility.
The suited look is usually common among management and that layer usually isn't highly respected by engineers. So that brings a bit of negative perception by association.