You bring up an interesting point. I have been discussing this issue for about a year now, first on the DeadBirdSite, then here.
In a nutshell: #AmericaFirst never was punished nor disbanded. They lost in the polls. People forgot. In 1971, Big Busines joined the bandwaggon with their strategy paper. #Reagonomics carried out the strategy agains the "left", i.e. students that increasingly voted Dem.
Around the turn of the century (I used to know all the details, but all lost..