Why the cool kids do it....

Paragliding is fun, has lower barriers of entry (training and licensing), doesn't require large time commitments (soaring is typically a full day event) and is relatively cheap (no $50 aerotows, hangar fees, annual inspections, etc.) so it's little surprise it's doing so well.

However I know many more ex paraglider and ex hang-glider pilots who've either had near death experiences or are currently held together with metal pins than I know of glider pilots who've been injured or killed while soaring..

Unfortunately danger is not something that youngsters take much note of and safety isn't something that sells very well unless you're targeting people who have a family to look after.
When one is young one feels invincible.