On the dramatic side, Euphoria (HBO) redefined the trope. The winter formal episode is less a dance and more a war zone of emotional intoxication. Here, the "drunk years" aren't funny; they are tragic. This duality is why the keyword holds so much weight. The ball can be a sitcom or a tragedy, depending on the lighting.
Where aristocrats performed the minuet, millennials performed the "Drunk Bridesmaid Speech" or the "Gas Station Run at 2 AM." The choreography was gone; replaced by authenticity of impairment. Ball entertainment evolved from practiced elegance to practiced recklessness.
The ball represents permission. Permission to be loud, to be sloppy, to tell your crush you love them, or to tell your boss he is an idiot.