Another way to look at it is what's hot and new. What I see are many hot new fast twist 22 and 25 calibers. Many new bullets and rifles 308 and below. What's hot and new in 8 mm, nothing I've seen. Same for 358. Not much in 338.
Shooters like what they've always shot. Most of us are old. But new shooters aren't looking for a 358 or 8 mm.
I believe that I missed your point….So I'll try again.
To better answer you, with the scarcity and expense of components …..the "little guys" are simply much cheaper to shoot. Perhaps many of the younger shooters also have families and/or other priorities…..as blasphemous as that may sound!
Also, the small stuff minimizes recoil, meaning that they can shoot a great deal more.
For the guys that hunting, rather than shooting being the priority…..they don't shoot the larger stuff for the above reasons, cost and recoil. Perhaps there's sufficient cartridges for the medium bore group that there "hunting needs" are pretty well covered.
Plus as you said, to fully utilize the much higher bc, heavier bullets …..specialized actions, ect. for much greater case capacities would be required. I'm speculating here, the guys willing to spend the $ by going with the specialized actions, will go up to the larger bore, higher bc, high velocity ……where the components are already developed.
Also, the vast majority of hunters hunt deer and similarly sized game…..with the advent of much improved bullets, the "little guys" perform better than yesteryear!
It also seems that with many of the younger folks, doing more with less, appears to have a "cult like" following. Maybe like a "Badge of Honor" until after several miserable failures, when they earn their "Scarlet Letter"! memtb