Interesting article.
I think celebrity endorsement is definitely a major cause of bags becoming 'it' bags. Whether it can, accurately, be called 'endorsement', when the bag is sent as an unrequested gift to the celeb, or their stylist, is another matter!
Because I'm not interested in celebrities (except on a human level - when they have some sort of problem), I rarely find myself falling for 'it' bags.
I also think that the 'it' bags are often not the most attractive bags available at any one time. This is probably why many of them have to be pushed onto the unsuspecting buying public, via the medium of celebrity bribery!
I also agree that bags that are touted as classics, are very rarely always in fashion and therefore, cannot, accurately, be described as true classics. There are certainly items that, because of the flexibility of their design, are, with small tweaks, more often in fashion than others and there are other items that, repeatedly, come back into fashion every 20 years. Whether that qualifies them as classics, or simply re-emerging trends, is debatable, IMO.
I, personally, remember when Chanel faux pearls and boucle jackets were considered to be very stuffy and unfashionable and were only worn by a very few older women, for a good few years.