I dunno. It seems basically game-theoretic to me. The cost to a youth of adopting a "conservative" viewpoint is being outmoded for the rest of their lives. The cost to the elderly of keeping up with new technologies, trends, theories, and so on has to at least involve invalidating their lives and behavior, so far, and all for little or no real payout given the duress of aging and short remaining years. In other words, I'm hypothesizing that nostalgia is the effect of the underlying cause, "deterioration with age and short time horizon for payout." You're going to die, soon. May as well be comfortable.
As with a lot of tropes, we're having trouble nailing down terms, too. As you allude, we've at least meant a few different things by "conservative;" 1) social conservatism, 2) technological nostalgia, and 3) scientific conservatism. This seems to be one of those memes (I use the word deliberately as a "persistent mental structure or coding," separate from the term "idea.") that survives by coding multiple actual ideas. Not that you're doing the following, but reciters of the meme can always switch between ideas/fields when the current case becomes problematic. Societies don't become conservative? Well, what about Kuhn/Planck and scientific conservatism? Oh, scientists do actually adopt new theories late in their careers? What about people who restore classic cars? People buy new cars late in life? Well, societies become more socially conservative as the population ages. And so on.
One final point that, again, you're not doing right now, but I find ironic and amusing. Critics of life extension will oft lament that "mortality makes us human," and that we'll become inhuman monsters if we routinely live to be 1000. Then, in the next breath, they'll then insist that we'll behave exactly as if we died at 80 when it comes to things like conservatism, or reproduction, or career choices. But that's just the amusing part; the ironic part is that they'll do this at just about any age!