In fashion Fringe comes and goes.
On a jacket or a bag, sometimes adorned with beads, it brings to mind images of hippies or frontier folk and Native Americans. Since people have been wearing leather, leather has been wearing fringe. The reason is more than decorative, it's elemental; fringe wicks water. It will pull moisture away from the wearer and facilitate drying.
In modern times this has become less critical. Most of us, if caught in a downpour, will open an umbrella or dash for shelter. Most of us would go to great lengths to protect our leather from getting wet enough to require wicking.
Personal preference is the determining factor now -- my preference is fringe and lots of it! The fuller and more flowing, the better!