On the one hand, I can see how starting the graph in 2005 feels misleading. On the other, past high rates don’t necessarily invalidate theories about the current spike.
Another way to frame this is that whatever factors were leading to teen suicides in the early 90s improved.
The question now is: are the same factors in play? The fact that rates were higher is not by itself a good reason to conclude that Haidt’s theory is wrong. The world has changed drastically, and a new upward trend is still a problem even if it never reaches previous highs. At a minimum, it indicates that something is going in the wrong direction after apparently going in the right direction for awhile.
Could the current trend be caused by the same factors in 1990s? Possible, but it’s also possible that social media is the problem in the same way airplanes cause global pandemics.
Even if the reasons are the old ones, we have a new operating environment to contend with.