Hey ...

The Hyphen Punk Suffix. Show of hands.

hmmm... I'd vote, except that my view falls somewhere between the two...

The problem, I think, lies in the fact that to some degree, the word "punk" has lost its meaning in the murky morass that is modern pop culture.
Many people, especially under the age of 25, don't have much knowledge about the punk movement of the 70's -- they have an oversimplified visual of people with colorful mohawks.
As previous movements which include fashion get recycled by those that follow (have you seen the return of '80's bubble skirts to the haute couture runways lately? Even that which should have remained in the castoff pile gets dredged up again), punk has gotten the vogue treatment, so its meaning has been distilled into something much more tame and banal.