They both look extremely inelegant.
Inelegant =/= ugly. In fact, elegance can hinder a piece of visual art from being as beautiful as it could be.
Beauty in costuming doesn't just come from what is generally aesthetically appealing. That is a factor, but what is more important is how the costuming conveys the ideas of the piece, how much it embodies the themes of the story and the nature of the character. A beautiful costume is one that perfectly encapsulates who the character is and what their role is in the story. It's the same with cinematography. Dynamic and visually engaging shots are important, but they're nowhere near as important as shots that accurately portray what the scene is about and what we're supposed to know about and feel for the characters. You could craft the most beautiful, aesthetically marvelous, awe inspiring shot of all time, but if it's used for a quiet scene that really requires the audience to feel the raw and uncomfortable emotional vulnerability of a lonely character, then it's a bad shot.
Elegance is a virtue that Wilson Fisk values. Daredevil is the guy who stands up for all of the inelegant people in the world. Elegance gets in the way of beauty, when it comes to Daredevil.
While I don't particularly think Daredevil is rich, Stan Lee seemed to somewhat disagree (he certainly shouldn't be able to afford the place he had). I think they assumed lawyer=rich. Either way, he's decidedly middle class and is making enough money to have some polish. Really, if Peter Parker can do it, he can do it.
1: Daredevil has become decidedly poorer with each passing writer. Compare his apartment in the early Stan Lee days, which had multiple floors, a fancy attic sculpture gallery, and a hidden gym/workshop/costume storage area, with his apartment in Bendis' run, which was a one bedroom apartment with a false panel in his closet to hide his costume. The notion that Matt Murdock is not a man burdened with anything you'd call wealth has definitely been solidified in the books over the years.
2: There has been a very strong theme of class warfare in Daredevil ever since Miller's run. The Murdock family has consistently been painted as almost destitute, the notion of Nelson & Murdock being a less than lucrative firm where Matt takes mostly pro-bono civil cases and makes his money moonlighting as a public defender has become the norm, and Daredevil's war with The Kingpin has consistently been painted as a struggle between the haves and the have-nots. Daredevil, thematically, represents the urban working class. Polish runs counter to that theme.
3: Peter Parker shouldn't have polish either. I've always said that live action versions of Spider-Man's costume should look decidedly homemade. Same design, just don't use space age materials and make the seams a little more obvious. That would add a ton of character to the outfit that would really embody what Peter Parker is all about.
To me, you want the costume to look like something not every person can do. It helps distinguish superhero from vigilante. I think that's important and its why that costume really doesn't work for me.
What distinguishes a superhero from a vigilante is what they do. It's their deeds and their ambition and their conviction. It doesn't really matter what they wear in that regard. To say it does is to say that what separates a superhero from a vigilante is having enough money to pay for nicer clothes, when it is so much more than that.
The costume should look like something that anyone could do, because Daredevil represents everyone. He is the symbolic champion of the working class. His costume should reflect that. A sleek, polished costume would be a betrayal of that theme. He is not better than us. He is one of us, and he has decided to stand up.