From my experience it's not really comparable to being the "new smoking of cigarettes" for teens because it seems to be so much more widespread than cigarettes were. DH and I were both pretty wild in high school and even among our groups it wasn't necessarily the norm to smoke. It appears that the vast majority of students in my kids' schools vape. Doesn't seem to matter what type of kid, what clique they're in, or what their background is.
Two things that I think contribute to how widespread it is compared to us smoking cigarettes when we were teens are it's ease an availability.
1. You can do it constantly (which also, I'm sure, makes it more addictive). Kids juul in class, on the bus, wherever. You couldn't get away with that with cigarettes.
2. The parents seem to be the ones buying these (presumably because they think they're "safe"). Sure, there was the random parent here or there who would buy alcohol or cigarettes back in our day, but it certainly wasn't as common as the parents buying vape supplies for their kids.