No, I don't think it's the only reason, but I think it's probably the simplest and most widespread. In the past, I imagine people who simply had "no inclination" to join the rat race were more likely to fall in line because the job market was much easier than it currently is.
I suspect the hippies laid the groundwork, at least in the West. I don't know if there were/are hippies in Asia. But, I feel like the idealism of the hippies has been turned into nihilism.