It's a sign of "abundance", if you will. It's been going on a long time.
My mother was taught to darn socks in the 1930s, when it was necessary, but when socks became 10x cheaper, relative to income at least, Mom threw out socks with holes the rest of her life. Boomers heard about darning, but very few learned it.
Depending on age, you may never have even heard of it; most have never met anybody who'd know how.
Ending is better than mending socks..now.