If we think of this as Islamic nationalism, it fits the pattern where things get really bad for common people, and someone rallies them against a perceived other in order to consolidate his own power.
Be wary of anyone who wants to blame an out-group for your economic issues, be it Muslims, Mexicans, infidels, Jews, gypsies, homosexuals, etc. (Why I'm afraid of Trump).
I think sitting at our cushy desk jobs in the west it is hard to empathize with the real hardship people have been experiencing in that region for a long time.
I have no knowledge of the causal direction here, honestly. I think there's an assumption by some vocal pundits that it's Islam -> holy war -> poverty.
I don't think that's clear. More likely it's poverty -> malleable population -> some cause promises to make things good again (Like they were in the caliphate, like they were in any fabled past) -> people believe it and fight for it. There's historical precedent for this.
(Which of course exacerbates the poverty because of wanton destruction of capital/infrastructure, people not being able to leave home, intelligentsia flight, etc). Eventually you get some version of an autocracy. The type of autocracy is to some extent irrelevant, although theocratic autocracies appear to be disproportionately brutal...