this is absolutely it. the only recipe to make a car that becomes iconic is make it different/recognisable then sell a lot of it, for cheap (really cheap. No, cheaper. Cheaper than that) to students/artists. nostalgia will do the rest
There are iconic expensive cars e.g. Jaguar E-type, Aston Martin DB5 and very expensive e.g. Rolls Royce Shadow.
These days cars are more reliable and so students/artists are much more likely to buy a used car.
In the 1970s getting 100,000 miles on a car gave you bragging rights - you would invite your friends to see it turn over, driving away in a cloud of blue smoke (engine oil burns blue), and carefully avoid puddles since they would splash water through the holes in the floor.
These days cars go a lot longer before they fail and so people with limited money buy used cars.