I understand that modern outer layers are more functional. A leather jacket, for example, can be dressed up or down so as to be worn in a variety of situations. It is also better at keeping you warm.
However, I think capes/cloaks are more aesthetically pleasing garments. It also feels good to have the fabric flowing around you as you walk. But what do you think?
Horses and to a lesser extent bikes let you just throw the cape out behind you as you ride, but if you're riding in a chair, you have to bunch it up as you're getting in so you don't accidentally auto-asphyxiate yourself with the titanic cheeks you inherited from yo mama