I would posit this, is the game better off catering to those who spend more time/money on the game or those who play a couple times a year?
I would find it surprising if any person who have become long term participants would have any issue with the minimal dress codes most courses have. The issue is this, either said is going to only be able to provide anecdotal evidence which will do nothing to convince the other side. Honestly though, I still say the dress codes are neither good nor bad for the game. They are really a non-issue, at least here, because there so many courses that only require shirt/shoes/pants* and your own clubs.
Can you truly say there is a dress code if there is nothing written?
Sure, my home courses might well throw me out if I show up in nothing but a g-string. But in eight years of playing those courses, I've never once seen anything in writing.
I'll go with underrated as well, and agree with @dennyjones that team competitions are good to watch. I was more interested in watching the Solheim Cup than I am for the President's Cup, I'll still watch it, but don't think it compares to the Ryder Cup or Solheim Cup in regards to intensity.