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?
Can’t really pull off a fedora (or similar) without a suit that matches, otherwise, yeah, you just look like a neckbeard or maybe a Michael Jackson cosplayer. If you aren’t dressing in formal attire, consider a baseball cap, beanie, hood, cabbie hat, or even a stetson if it’s up your alley.