It is very much a thing[1]. Modern graffiti is a large subculture with a multi-decade history and its own set of norms, customs and celebrities[2].

[1] https://www.reddit.com/r/graffhelp/

[2] https://www.reddit.com/r/Bombing/ (a good example of what "good" graffiti, as defined by the graffiti community, looks like)