That being said, I don't think this is a strong enough phenomenon that it explains the rather large trends upwards in self harm/mental health. I think a good control is the graph that shows Schizophrenia - a 67% uptick shows that the diagnosis rates are probably a lot higher than the early 2000s, since I doubt that schizophrenia is really becoming more common due to social media.
The times in my life when I've been the most anxious or unwell have been when I'm questioning my mental health. And I think that the society we live in does encourage people to open up more. But if you have ADHD / obsessive compulsive tendencies, and your brain works like mine, that opening up can just look like obsessing over why you aren't feeling 100%. Then it's a self fulfilling prophecy.
Really flimsy, I am not an expert but... fits a bit the idea that just looping around yourself self introspecting how much of a failure YOU are might not help.
I forget where I heard this, but I believe a significant number of people committing suicide have a high correlation with other issues like chronic pain (e.g., https://pubmed.ncbi.nlm.nih.gov/24916035/) or addiction. I'm suspicious that those white people have the kinds of problems you're referring to because I suspect their peers are less likely to be successful or affluent, as people with chronic pain issues probably are more working class, performing physical labor that results in their issues.
(Granted, I suppose there is probably a racial element that would account for why, if this is the case, more white people with chronic pain issues kill themselves vs. black people with chronic pain issues.)
This is obviously speculation, but so is your comment. I find both to be potentially likely. The scenario you came up with seems more likely for younger people (probably not experiencing chronic pain), and the scenario I came up with is potentially more likely for older people. But we're just spitballing some hypotheses here.
As I mentioned: even if this turns out to be factor – and I'm not sure it even is – then I don't think this accounts for 100% of the increase. I don't profess this is the full explanation, merely a possible factor, out of several.
I'm also reminded by my uncle, who was born with a serious and debilitating heart condition; he always said that if he had listened to his doctors he'd be a "victim" in a wheelchair inside all day. Of course he did need serious medical attention, including a heart transplant, and he did end up dying from his condition at the age of 51, but overall he led a "good life" and just carried on with things without seeing himself as too much of a victim. It probably would have been a different life if he did. Mental feedback loops can be pretty powerful.
It's also worth pointing out the charts look a bit less drastic if you zoom out to the 70s; in fact, suicide for boys especially was a lot higher in the 80s than it is now. The author does address that briefly at the bottom, and provides a link with more detail (which is too much to quote here, but tl;dr is that they believe it's correlated to lead exposure and crime rates – this link also contains the longer timeframe charts).