A lot of the people I recall interacting with on Usenet in the mid 1990s were very much grown up, graduated, far away from “mom”, and employed as developers or uni staff somewhere. However, they still enjoyed hacking, either out of pure fun or FOSS idealism, and without monetary reward very much in mind. I think that the OP is on to something when he says that the economic environment changed, and this led to nerd things being seen through a much more mercenary lens.

Even the major “news for nerds” site in the early years of the new millennium, Slashdot, where there was awareness that FOSS was now fueling major economic growth, did not yet have the same overwhelming culture of startups, venture capital, megacorps, and hustling as the venue we’re conversing on now.