>>1959546Not compatible with the sickly, undersexed aesthetics that became fashionable in the mid-90s when everyone was trying to be grunge and depressed and unattractive, including fashion designers. This quickly contaminated fashion as a whole and girls quickly realized they couldn't look existentially troubled AND proud of their bodies at the same time.
High-cut thongs briefly subsided in the early 2000s combined with low-rise jeans but were soon deemed too trashy and faded out within three years. Coincidentally, as bootyshaking supplanted hips-swinging in bikini contests, music videos and strip clubs (possibly as a side-effect of bling rap music videos), there was a need to make butt cheeks seem rounder and more plump (as opposed to firm and tight) which required the use of low-cut thongs.
It's my humble opinion that high-cut was closely tied with a somewhat glamorous, affirmative female ideal (for example playboy bunnies
>>1959448and race queens
>>1959540 ) that has largely disappeared, in favor of low-effort amateur camwhoring and the teenage girl-next-door archetype that goes with it. And obviously, in order to look more like mediocre jailbait, you need to make your body seem evenly tube-shaped like a child's, to understate your hips, and to look like you're wearing your little sister's panties; even when you're shaking your ass in front of old men. Hence the popularity of low-cut. It might also have something to do with the resurgence of booty shorts brought back with the sempiternal "70s revival" that crops up every two years in the fashion world.
There's still a high-cut fetish scene in Japan in some select clubs but it's devolved into a niche semi-femdom fattie thing that's almost as trashy and mediocre as any other fetish scene (you'll notice that some hentai has leotards where the leg holes go up to the chest; that's where it comes from) and has largely lost sight of what it was associated with in the 80s.
But that's just my own little analysis.