I heard the same story as Earthman. First there were Rat Bikes, then came Rat Rods. It's interesting to read different definitions of terms like hot rod, rat rod, etc. Seems like definitions are morphing at time marches on.
When I heard Rusty Wallace call his Cup car a Hot Rod & John Force call his Funny Car a Hot Rod, I knew from then on anything could be (and would be) called a Hot Rod.
In 1957-8 I drove a 1935 Ford 2 door with a hopped up flathead in it. If I would have called it a Hot Rod, I would have been laughed out of the county. It was simply a "car". Back then, around here, a Hot Rod had to be chopped, channeled, fenderless and have a big engine and be 1934 or older.
Later, when the Minnesota Street Rod Assn. and NSRA got started, hot rods were classified as 1948 and older. Mainly because starting in 1949 the appearance of most car brands changed drastically. 1946-8 cars retained the pre-World War II appearance.
Because Hot Rod was a term used in the early days of rodding and demonized in the news and popularized in many B movies of the day, the general public and the police were wary of Hot Rods and the bad boys that raced them on the street. Although very little of that happened around here.
The push to use the term Street Rod was a move to achieve acceptance with the general public and law enforcement by having a name that was less aggressive. As many of the young Hot Rodders got older, they too became less aggressive and in fact turned into street rodders. In fact, as some got well to do, they had their cars built, then over built and they chased recognition rather than enjoyed the hobby of hot rod building or driving.
There are definitely lots of trailer queens, but as I look toward my 69th year on this planet, I can say that many rodders my age are physically no longer able to build a rod. Many can no longer drive a rod for any distance because of medical/physical issues. I can tell you that if I drove some of my less comfortable cars 400 miles in a day someone would have to help me out of the car.
I look at the rodding hobby as broad and deep with many niches. You just have to pick the place where you can have the most fun and not worry about the rest.