I infer a level of comfort at being who one is/where one is in the wearing of sweats and t’s from other colleges and universities when I see such a tendency among the students on a campus. Generally, there is a mix of the prestigious with the upper-tier with what I assume to be much loved regional/locals - both private and public.
These kids all have their backpacks and coffee cups, and are busy about their lives where they are. I really don’t read bumper sticker aspirations into it too much.