Is it?
I always took "Quiet Quitting" to mean, "Lets see how long I can do nothing until I get fired", not "Work to Rule" or "work your pay", or whatever.
I've seen this "Work 5 hours a week sporadically answering slack and see how long till they notice I produce nothing" before, and it's surprising how long I've seen people get away from doing basically 0 work and continue drawing a paycheck.
I think it's largely because most companies don't properly manage a remote teams. It happens when they don't understand how to properly set results-based expectations and deadlines for remote work.
But it's also a huge middle-finger to your teammates who may still care about their work and job, and having dead-weight on the team is demoralizing.