No, it really did not. It became popular for the media and right-wing figures to claim it became a popular slogan.
Quoth Wikipedia: "The saying then went viral, becoming a favorite for reporters and columnists wishing to ridicule the young, the New Left, or the hippie/Yippie movement"
It's still being used that way. You're a shining example.
Every generation says something similar. Don't believe me? What about Zuckerburg saying he wouldn't hire anyone over thirty at Facebook because young people are just smarter about technology?
https://en.wikipedia.org/wiki/Jack_Weinberg#%22Don%27t_trust...
what do you expect from the kids and grandkids.