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I have never heard the term "PayPal Mafia" until this week (3 times). Is this new?

No.

Well now, that page seems to have been created 6 months ago, so I'd argue it's pretty new.

If you read the page it says the term was first used in 2007.

Google it, you'll find news articles from 2006/2007. This NY Times piece is good. I especially like the diagram.

Baader-Meinhof Phenomenon (a recency effect) I'd guess.