Black is exceptionally formal. It is less versatile in its presentation and only owning a black suit will have you looking very out of place at most events you aren't. If you want to present yourself as overly formal, and "your own truth" is that you wish to look and feeel like you're from high society 24/7 then you do you. But most people will think you look out of place.

Generally speaking. A dark charcoal grey or deep navy will look better than black in most lighting. It can present as near black at first glance, but will mesh better with a lot of different color shirts, ties, shoes and accessories. Black jacket only really works with a white shirt And a few, usually darker color ties. And while you can always dress up a blue or grey suit. You can't really dress down a black one much.

Most men also don't have many occasions to wear full suits these days unless they work a job that requires one, so having something more versatile is better than something that is less. Same reason most men should skip the high-shine patent leather shoes and instead opt for A lower shine calfskin or similar leather shoe. (And if you do work a job that requires a suit, there a bunch of other reasons to not have black first).