I was never into chunky, clunky wedges (the "monster wedge" trend passed me right by as I watched with a lot of bemused head-scratching), but I have noticed that I'm reaching for more refined shoes in general.
I think chunkier soles, especially those with a platform under the toe, tend to look better with wider pant leg openings, and skirts or pants with narrow leg openings look better with more delicate shoes. Since I'm rarely wearing wider pants these days -- I just took in my favourite pair of flares and had them tapered into straight legs, for example -- I'm not needing chunky-soled shoes so much. I bet that's a big part of the reason.
Also, it's hard not to sound like a herd of elephants when you're walking around in thick platform soles.