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The problem with most modern socks is they use too much lycra/spandex too tight of a fit that ends up limiting foot circulation as much as boots do. I wore a thick wool pair of socks once and was amazed when I switched to sandals without socks that my feet were actually warmer except standing on cold concrete floors.
However with foot wraps I think you'd need boots with a very flexible system of lacing up or you'd cause the same circulation problems I just mentioned.
In that regard I think its obsolescence since you need a boot to work with the wrap. You can make it work but why bother. Same reason people dont use puttees anymore even though I've found they do an awesome job when you can take the time to make it work.
