The fact that the bibs are waay more comfortable aside, this is a very serious reason to ditch the baggies. If you're hanging up on the saddle, you're inevitably going to crash because of it. If you're hanging up, it means you're shifting your weight around a lot - i.e. riding technical features that are going to hurt pretty bad if you fall on them.
What the bibs look like is irrelevant. To the general population, we all look like huge tools. Doesnt matter if we're wearing a neon tri suit or baggy street clothes. we all still look like dorks.