If nihilism is more popular these days, I would argue this is because the ideas which guided people through life with certainty and optimism no longer enjoy a consensus.
Nietzsche discussed the prospect of a post-religious world (God is dead, Will to power, Ubermensch), and was disgusted with the idea of an entire society driven by mass culture, which he thought would result in little besides mediocrity and hedonism.
Collective trust is broken, and there has been a collective loss of innocence. The free flow of information has exposed and exaggerated scandal after scandal, and together these have undermined trust in most formerly untouchable institutions... the government, the church, the police, science, journalism, etc.
It might be easy to say that the old consensus began to unravel in the 1960s, when society in American and Soviet spheres started to question themselves in a way they hadn't before. But I don't think it's quite that simple.
In America, the civil rights act, the counter-culture, and the Vietnam War eroded trust in authority. In the USSR, de-Stalinisation, and the invasion of Czechoslovakia did something similar. In both cases individuals began to distrust what they had been told, and information was flowing more freely than before. Come the 1970s stagflation further undermined trust in the establishment as the economy worsened and nobody seemed to know why, or what to do about it.
However, the time leading up to the Second World War was also a period of intense collective soul searching as things fell apart. This was also true during and after the First World War, given the scale of the slaughter. The difference however may be in the failure of optimism.
After the First World War liberal, socialist, and fascist ideas were popular, and to simplify things; each argued that humanity could improve itself through hard work and scientific knowledge. This provided a certainty and optimism which would replace the feudal certainties of old; that all one had to do was put faith in God and King.
After the collapse of the USSR it appeared as if fascism and socialism were both dead. Liberalism had won. Empowering individual freedoms seemed to make society better and people happy. The problem however was that by then the scientific consensus was fraying. Each time scientists had promised technology would make life better, it had years later made nightmares come true. Things like DDT, Chernobyl, CFCs, moved the popular consensus from thinking about science with delighted optimism, to fearful pessimism.
After the Great Recession there appeared to be little left of any of the great optimistic ideas. Each of them had been proved dangerous and problematic. Irrational scepticism was rampant. In this zeitgeist where there is little in the way of an optimistic consensus, individuals are more likely to regard salvation as illusionary; religion, science, fascism, socialism, liberalism, have all failed to live up to their own hype. Today we live in a marketplace of dead ideas, so to speak.
Perhaps it is the death of optimism which leads to the birth of nihilism.