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?
My wife sewed herself a very nice hooded cape/cloak years ago that she used to wear over her coat in winter to keep herself warmer. I’m not sure what happened to it, but it was a very long time ago.