I try very hard to avoid doing this. It leads to being hot and sweaty, makes moving kit about harder and requires somewhere to do the changing. If you have a flood then your dry clothes need to be available too.
Communal space is at a premium on dive boats. Here the greatest faux pas is to bring a crate with kit in it. When empty it doesn't compress down and takes up space. On some boats that is ok, on others not. Ideally bags should be able to be squashed down or at least flatten to take up little space forward or below. Having an awkward bag which is hard to stow and gets left where people might trip over it is a bad idea.