Building a rainbow tables is much more expensive (compute time, storage) than just breaking any individual hash. So unless you break hashes all day every day, you probably need to share that expense somehow, but then you can't customize. Maybe a large group of you want all of the old "NT hash" values, that's easy enough, but agreeing to do 5-7 alphanumerics for MD5() means the person attacking a site with an eight character minimum gets nothing out of it.
So aside from things like NT hash it has fallen out of favour.
And I think ISP hand out WiFi routers stopped having daft names like this a decade or more ago. The only AP SSIDs that aren't partly random nonsense I see around here are my own (named "Reformed Distributed Republic") and somebody's FON router, the main ones I've seen elsewhere in my city are "eduroam" and "govroam" which are federated systems and so do not have a PSK - in all four cases you aren't going to help yourself by calculating rainbow tables with those SSIDs.
It looks like this generic, repeated-SSID-naming "vulnerability" might continue into the present day via the use of a default name on hotspot devices, or smartphones serving as hotspots -- notice that on the "top 25 pwned wifi network names in the @pwnagotchi project database"[1], the top 1st and 2nd place respectively go to "AndroidAP" and "iPhone". Looking at my Pixel 3, I notice that the default hotspot name doesn't appear to be randomized (it's "PixNet").
[1]: https://twitter.com/evilsocket/status/1305892201222807552
Sharing rainbow tables over the internet is probably dead, but your disks can keep more hashes than you can calculate quickly.
I used MD5 because that's the typical hash you find unsalted on leaks, but if you do the math with others it is almost impossible to find an example where storing beats using a GPU to crack (even an older one) for a couple of hours.
Is the idea that password hashes should be slow relatively new?
It's just that security wasn't as important (limited web attack surface) or generally understood back in the day (so people were even less likely to ask "is this hash suitable for passwords rather than checksums/indexing/etc?" than they are today), or the slow ones from then were fine -then-, but advances in hardware, the availability of the cloud/GPUs (so massive parallelization without a cost of infrastructure only a nation state could afford), etc, means they're easily compromised today.
The idea that password hashes should be slow is indeed relatively new. Also it's contemporary to the idea that algorithms should have salts builtin, so those features usually go together.