In the very early 1990s, PGP didn't exist, and the odds that the email content was independently encrypted were low.
Any network sniffer or filesystem access would have exposed the cookie.
I thought all email is still plaintext? The protocol does not support encryption?
There is an increasing use of encryption-at-rest services (AFAIU Gmail is, though that's using a system-level, not user-level, key). There are some encrypted email services (e.g., Protonmail), in which contents are encrypted both in-flight and at-rest.
Not especially relevant to the anecdote here, but a critical concern for messaging opsec: email metadata, including sender, receiver, and subject, are not encrypted at rest or to the originating, receiving, and possibly transit systems, may also leak information, and are often more valuable and useful than contents themselves.
I find myself wondering if my correspondents who can't seem to provide contextually useful subject lines are actually doing me a favour, despite the annoyance factor ....
Back in the 90s, though... not so much.
https://datatracker.ietf.org/doc/html/rfc2487
Actual widespread implementation didn't occur until the 2010s.
STARTLS Everywhere launched in 2014. https://www.eff.org/deeplinks/2020/04/winding-down-starttls-...
Google have tracked the prevalence of TLS-based email connections ... since 2014: https://transparencyreport.google.com/safer-email