I don't know what particular decade did "wrapping around the waist" of a jacket get into famous style. But one thing that I am sure is, I am currently loving it.
It is a good traveling style especially in a bipolar weather.
If it's cold, you wear your sweater on, and if it's hot you wrap it around your waist.
It gives girly- boyish vibe when paired with a dress, and adds an oomph to a simple blouse and jeans
So why put that jacket in the bag when you can wrap it around your waist?
Think about convenience and fashion in one. ;-)
God bless, everyone!