Low frequencies are studied quite extensively, especially the mHz-10Hz region for noise characterization of solid state materials. 1/f is quite well studied depending on your field. In semiconductor physics, for example, one possible explanation is electrons trapped in defects or on charged islands and then slowly trickling down. Of course this explanation cannot be used in other fields where 1/f noise shows up as well. The problem is that no model gives a satisfying answer as to why it occurs therefore its unexplained. Lack of model doesn't mean that you can't engineer your way around 1/f noise for example the chopper amp works so well because it shifts away towards frequencies above the 1/f cutoff.