There was a documentary I watched years ago on Netflix that said it dates back to the 70's, possibly as far backs pre 1900, but in pop culture the 70's for sure.
I think it's fair to say every kid likes to take credit for something they were shown by a grown up that they find out other kids don't know yet.
There's always that one young kid that made up a joke that everyone over the age of 10 has already heard.
What is this symbol? The letter S? The number 8? Zero or O twisted in the middle?
The answer: Yes.
Its amazing how international this S is and nobody knows where it came from. Its one of the most crucial social mysteries of the the late 20th century.
I just listened to the Denim and Leather album a few days ago.
PS. Not just the 90s. We were drawing that in the 80s also .