Familiarity breeds contempt. But there's an awful lot of times when people use songs as tokens to put down in a game of "I'm smarter than the rest" one-upmanship. The Rawhide phenomenon - "Move along, git along, keep those dogies rolling..."

And as often as not the songs that are seen as worn to death tend hardly ever actually to get sung, not in folk clubs or folk sessions anyway. When they do get sung it's a toss-up whether the reaction is going to be a knee jerk "Oh not that old one again" or a more considered "I haven't heard that one in yonks".
..............................

Streets of London? As I read it, the words are directed at comfortable self-centred whingers who don't really have anything going wrong, so they make the most of what there is to build-up into something. That's most of us from time to time, which is why the song does work, because people recognise themselves in it. (But then it manages to flip the listeners over so that identify with the singer, and get their awakened conscience cleared. Clever stuff.)