Some people just love the attention and love being in the spotlight. Phil Hellmuth is obviously one of those types of people. It is called an extrovert.
For me, I am exactly the opposite type of person. I HATE being the center of everyone's attention, I much prefer to have people not notice me at all. I am totally an introvert.
But either type is fine. There's no harm in what Phil does with his costumes each year. It is fun, and it is funny. It makes people laugh! And likewise, there's no harm if I never draw any attention to myself, I'm not harming myself in any way, I simply would feel uncomfortable doing what Phil does, but there's no reason I'd ever have to do that. To each, their own!