It may. I know for me it was definitely nostalgia. I was an avid photographer as a youth, then had to do it for a job and fell out of love with it. After pics were no longer part of my job, I started to fall back in love (particularly after a good photo walk on a trip to London). And then the urge hit: I wanted to get back to my roots with my Pentax KX, a 50mm lens and a roll of HP5. 130 or so rolls later most of my shooting is B&W film. (I develop at home but scan the negs, no room for a printing darkroom.)
I find I shoot digital a lot less, but when I do, I think my photos are better, or at least I like them better. I have more of an appreciation for what the medium can do.
What do I like? I think it's the process. To me digital is point-click-done. (I know about .RAW processing but I never was much for the darkroom either.) It's more of a means to an end. I like the process of film photography -- loading, futzing with camera controls, processing film, literally manipulating the stuff of which my photos are made with my hands. I like the challenge -- B&W helps this -- really having to think about what will make a good B&W photo. With digital you don't have to guess; take a photo, look at you know. Zzzz.
The disappointment of getting it wrong when the film is developed is never fun, but the thrill of getting it right is awesome. (Though I'd be lying if I said I didn't get the same thrill from some of the stuff I try in digital, like this.)
I thought it was the young'uns repopularizing film photography, but I was interested to learn from the Ilford surveys that the bulk of film photographers are people like me, who switched from film to digital and then went back.
For me it's less about the quality of the final image. I do think that B&W prints on matte paper are breathtaking, but I'm not printing. If I set out to take a photo with a given final product in mind, more often than not I'll shoot digital. Same reason I prefer a manual-trans car on the road and an automatic on the racetrack, it's about where your concentration lies. I think a shot like this is more practical to capture on digital, though I certainly have done it with film.
I don't know if it's the same nostalgia happening for vinyl; I'm not an audiophile, though I do like music, and while I can appreciate the sound of a record album, who wants to deal with that much of a pain in the butt? And in that way I suppose I'm like the professional photographers who have turned their back on film. Certainly, if I had to shoot photos for a living, I'd be happy to leave film behind. Digital speeds the workflow and lowers the risk factor significantly (and largely takes it out of others' hands). I work with professional photographers and can see that digital lets them get a LOT more done. (I still can't get used to it when we do one particular shot and 3 exposures later the photographer says "We got it, let's move on." In film we'd have to do three rolls!)
If I had to sum up the appeal, for me it's that digital just makes things too darn simple. This is a hobby, I want to dive into it, and for me there's more depth and interest in film. But that doesn't mean I'm done with digital. I still value my digital camera and consider it an important part of the hobby (and wish I could afford that A7C... but for that same money I can get a LOT of film!)
By the way, NCV, may I complement the tone of your message? So many pro photogs frame this as "I used to shoot film, now shoot digital, film is expensive and stupid and failure prone and I hate it and people who go back to film are idiots! Why not give up your car and walk everywhere?" Thank you for not doing that! :)
Aaron