No it's not ruined. It's still worn properly by some today. The problem with the hat is that the wrong generation/people started wearing it. For whatever reason they think it's perfectly fitting and doesn't look ridiculous at all. But we're not in the 20th century. If you're young and you want a hat please look first what fits you and not what you think would look cool because some bloke on TV wore it.
I sound like a drama queen but having a little sense in fashion is something I find a rather healthy knowledge. Don't take it personally if any of the fedora folks are reading this, just try to be honest with yourself and get a second opinion if you're about to buy one ;P
/drama