I think the core has something to do with the fact that it was perceived as people who had grown up with technology and computers seeking a non-technological, non digital aesthetic. There's nothing wrong with that, but I think that explains the impulse to make fun of it, because it read to many as cringe in an insincere or idealistic way.

I also think it explains the appeal: many guys my age (self very included) still seek out that non digital aesthetic, whether because we've come to associate tech aesthetics with capitalism or if it's just a generic repulsion from what feels like the mainstream in our society that is currently being run by tech billionaires.

The impulse to make fun of it has faded out too, along with the growing mainstream appeal of being anti-tech in the current AI bubble gig app dominated spying on kindergartners in the pool with security cameras economy. See: hatred of datacenters.