As a younger person(28, and started at 24), I’ve made the following observations of the “younger” folks (and this truly may not reflect everyone).
They don’t know what it takes to start the hobby. Like, that they can start with a 1500 dollar heap and get it running, and try to enjoy the process of starting from little. You don’t have to start with an iconic muscle car.
Most people my age have no clue how to go about working on a car. Learning is scary, and takes screwing up. There’s a lot of time and money involved.
The sheer unknown of it all is overwhelming.
Those that are remotely interested in the hobby are into restomods, swapping Subaru engines in their bug, or love suggesting a Cummins for my 65 Dart.
I have been fortunate to meet good folks who have experience and provide support through the unknown. Also had good opportunities for cheap car, parts, etc.
I try to encourage people to consider the hobby, but I understand how/why it can be hard to take on.