Based on what I've read, I Think Cash 4 Clunkers gets too much credit.
I think the scarcity of 1st Gens for Sale is a wide mix. C4C had some effect likely, but what I'm seeing is the effects of COVID on the auto industry is causing us with solid, reliable rides that are easy to fix - which 1st Gens seem to be from my experience - are worth their weight in gold right now. Also, maybe it's Google's algorithm, but I"m getting hit almost daily with Jurassic Park content on Google and YouTube even when I'm not looking for Explorer stuff, and it correlates with my clutch research last year so there's the whole "Movie Car" aspect. And then everyone my age whose feeling nostalgic for the old family car is looking for one just like mom or dads....kind of funny, mine WAS my mom's 20 years ago.
Also, I'm very slowly starting to see more and more of the local "Welfare Rides" - first and second Gen - getting fixed up, modified, or restored. Would not be surprised to see at least one turn up at Hot August Nights in the next few years.
As for me, I'm planning to put a tiny lift on mine and restore the interior at some point when I can get the time/funds/space to come together.