Factual error: At the dance in 1947, a US flag with 50 stars is visible.
Continuity mistake: At the beginning of the scene where Dr. Grant gives Jack the crank for the satellite dish, Henry turns his hat around so it is backwards, later on in the scene it is now facing forward, then is backward again, then at the end of the scene he is seen facing it forward.
Chosen answer: It's basically just a type of suit that's made for whatever special project they're working on. No different than a lab coat, hazmat suit, fire coat, etc.