Again, though, we're talking a technology centuries ahead of our own, so why are you assuming failure would be commonplace?
Not commonplace, but possible
Clothes, on the other hand: Impossible.
Conventional clothes can and do fail in embarrassing ways...
All of those depend on the social taboo you mentioned earlier. They don't cause the physical discomfort that holographic/whatever clothing would if it suddenly vanished from you in anything less than a climate-controlled environment.
Anything in your pockets? Now it's all over the floor.
Why in the world would you assume that this is meant to be worn in every situation to the exclusion of all other clothing?
That's the impression that I got from this quote:
"Even better, many future people will carry nothing but a belt. But what a belt!"
As for assuming every situation
... I'm not; I do assert however that it would be ultimately pointless in most
situations, and would offer zero advantage while also incurring a slight potential disadvantage.
And that is not in dispute. We're talking about fashion. There's no practical reason for most fashion choices. Sometimes the sheer gratuitousness of it is the whole point.
Fashion suggests that the holoclothes could have a distinct look... more likely, in my view, they'd look identical to whatever normal clothes are available by then.
If they had some sort of distinct look that couldn't be reproduced using classical means... perhaps
they could be sold to the teenage girl crowd...