It still might. Chip music and Demoscene/Trackerscene music is an unusually vibrant and prolific music scene that has almost no commercial ties to the music industry. It's sort of the most "indie" kind of music you can find, with people doing whatever they feel like for the most part, yet still has some recognizable cultural threads.
That was a beautiful response.
Given how varied music is now, I don't think anything recent has been as big as punk, although elements of chip music have certainly slipped into mainstream music by the back door (Ke$ha, Calvin Harris, Robyn, Timbaland).