To this day it continues, people identifying each other's affiliation by subtle (or not so subtle) clues in hair, dress, speech, accessories.
The media-advertising demon took hold of it in a big way for a long time, from 'The Pepsi Generation' to imitation psychedelic soft-drink ads. This constant co-opting and commercialization still goes on, any new ripple is encapsulated, named, on the cover of TIME--and then forgotten, trivialized. It has been packaged and resold, had the life sucked out of it in the minds of the people who put spiritual stock in it.
Fortunately the new counter-culture has devised ways to evade the advertiser's con, adopting styles intentionally repugnant to the status-quo, from mohawks to pierced tongues, good soulful flamboyance, and impossible to sell in a mall. The Internet also promises to be too mercurial and cyborganic for them to get a grip on. Center everywhere and circumference nowhere.