I appreciate your reference to the Bible verse and just have to say that it can be interpreted in any way the reader of it wants to interpret it. I suspect of course that you have interpreted it as if an ear ring pertains to a woman and is somewhat of a woman's garment.
A piercing of an earlobe in long ago times was sometimes a sign of ownership of a servant. A ring was placed in the ear so that the servant could be "branded" in a way and then others would know he or she was the servant of the one who put the ring in there with the mark of the household. So, anyone could have been a servant either a man or a woman.
In the United States culture for quite a while it was considered that women wore earrings and men did not so at first when it became apparent that men were piercing their ears it was unusual and strange to most people and it was a "change" and most people react negatively to change and prefer to keep things the way it has always been.
I personally, like traditional viewpoints and am very conservative but I have to say that it doesn't occur to me when I see a man with earrings that he has greatly morally declined- I generally make a judgement call on a person's morals when other things are in question not earrings.
Wearing earrings as a man, in my opinion, does not equal them having no morals. I think morals and earrings have nothing to do with one another.