Are suits a thing on Runeterra?
I assume everyone wears 'dress armor' in like Demacia, but would piltover elite wear suits like we wear here or what?
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If you check out Camille's "Severed Ties" comic, several pages have Piltovians wearing modern-ish suits and vests. https://leagueoflegends.fandom.com/wiki/Severed_Ties#01
I'd say it depends on the region. Piltover and Zaun are the most likely to have actual suits IMO.
Of course there are suits! Do you forget the most handsome character of all, who sports a very snappy suit? 
Oh, and his partner 
wears similar garb, but he has more of a cowboy suit under that cape.
In short, we don't see suits because we have very few male Piltover champions to show them off in a traditional archetypal way. On one hand, we have 
, who prefers to dress, at least in public, as more of a "steampunk Superman" than a snappily-suited business man. On the other hand, we have 
, who is a Yordle scientist and well, even for human scientists in stories taking place in and around Victorian times - very few wear snappy suits and it's a rare sight to see. And of course, none of the female Piltovan champions wear normal suits - though I believe we have seen women of these areas wear them in concept art, so it's probably more happenstance for the champions we have.
In general, Piltover and Zaun would have the majority of the kind of suits we see around today, the kind that became popular in the Industrial Revolution era. In Zaun's case, such garb would be more common among the chem barons, I imagine, and we don't have a champion belonging to that group yet (apparently Singed doesn't count as one; he's just a crazy chemical scientist and we have no idea if he got rich off of his exploits in Ionia; he probably wouldn't have bought suits with such money anyway). Piltover would have it among most of the population.
Then we come to the type of wear that and wear, and the former is from the Serpentine Delta (and we can assume his friend has visited there often, though we can't be sure if his current clothing is from there or from Piltover itself), which is basically an offshoot of Bilgewater culture, probably with more Piltover influence mixed in than the rest of Bilgewater (since it's en route for trading between the two places). We don't know too many details about the cities and trading that goes on here, but judging by the champions associated with the place and the general environment of the area, we can basically consider the Serpentine Delta to be Runeterra's Victorian-to-1930s-era New Orleans, if Piltover itself is based on a mixture of Victorian-era London, Paris, and New York City.
And then, of course, we have suits that went out of fashion in the 1800s, namely the tailcoats and wigs that one would think of from the 1700s and before. We've seen clothing like that in the main Bilgewater area, particularly in Fortune Smiles, and I wouldn't be surprised if such clothing could be found in Demacia and Noxus either, though their clothing seems to generally be a couple centuries behind (more based on the 1400s or 1500s-era Europe).
And there is my very long suits analysis. Sorry for the text wall! World History interests me very much, especially when it can be used to worldbuild.
Well, 
Z.A.C. has the answer for that, quite literally:
He says "I should get a suit."
That means, that suits are a thing on Runeterra.