And no, there is nothing intrinsically holy about a black hat. However, wearing a black hat shows that you identify yourself with the yeshiva community, who put Torah and Halacha above all else.
I disagree. Wearing a black hat may identify oneself with the Yeshivish community, but it does not mean the wearer necessarily puts Torah and Halacha above all else. Plenty of black hat wearers have been arrested and convicted of criminal activity; they obviously did not “put Torah and Halacha above all else.”