To dream of a fez hat may reflect feelings about unquestioned supportive fraternity with no regard for appearances. Negatively, a fez hat may reflect annoyance or frustration that someone is being allowed to enjoy themselves being supported when they look stupid.
Example: A man dreamed of seeing a person wearing a fez hat. In waking life he was shocked to discovered a business competitor was starting to do well when the business competitor was very pathetic with lame product offerings. He couldn’t understand why the competitor would become popular when they looked stupid being in business.