No it was mostly a business decision heavily influenced by outward(public) perception. Yes you cant(and shouldnt') ignore the racial implications but it's not as black/white as you are making it out to be.
So the NBA was losing money cause we were dressing the way we wanted to dress? Investors were giving the NBA ultimatums if the players didn't start wearing suits? The league was gonna lose TV contracts cause dudes were wearing baggy jeans ?
That shyt was racially motivated, the business angle was just used as a reason to get young black dudes to conform to what the white man wanted them to look like. People would, and were watching regardless.
The irony of an NBA player not being able to wear J's and having to put on a suit. On top of that, plenty of brothers were wearing suits on the bench and to press conferences; it's just that everybody wasn't. They made it seem like every black player dressed like Allen Iverson, which wasn't true. And so what if everyone did, we should be able to wear what the fukk we want.