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In my experience it not that the latest generations aren't interested, it is that there isn't much available, and what is available is not in an interesting location or is too expensive.

It is very natural. Land can be used for multiple purposes. 100 years ago agriculture was very important activity and it made sense to own more rural land. Today the amount of money I spent on buying a tiny house in Palo Alto would buy me 50acre ranch in Texas. But I am not interested that as that 50 acre ranch is unlikely to be a valuable asset 20 years down the line.

many people buy land in the exurbs, wait for the growth, and then sell to developers. I have a friend who's grandfather gave her 40 acres in Prosper TX. When we were in HS it was basically worthless/pointless, but now, she could retire on it if she wanted.

What exactly is a "virtual land owner?"

someone who owns land inside of a game environment most likely?