This dumb generation... It takes less than 5 min to understand how to read a clock.
It's wrong to blame the younger generation(s). This can't be overstated. Those who are ignorant of glorious round time have been put on the defensive by this misdirected criticism, so of course some will resort to being proud of their ignorance.
The loss of this skill is due to a cultural shift. It's likely less due to curriculum, and more due to fewer analog clocks on the walls of homes and public buildings. They haven't disappeared, but they're certainly not by every bedside or on every kitchen wall anymore. I'd bet the decline of wristwatches has had a similar impact.
Round-wise is a useful language in which to display time; the metric system is superior because we count in base ten; writing in cursive is faster and more efficient than printing. But no matter how aggressively we fight to preserve or encourage the adoption of these things, if they're not a part of daily life, they won't become ingrained in the popular consciousness. Just like unique languages when cultures are assimilated, or stories passed down orally.
I think most of us agree that it's distressing to lose knowledge as a society, just as it's distressing to lose biodiversity, but the fault lies with the inexorably shifting tides of culture, not with teachers or students.
Best way to preserve analog time is simply to put up more analog clocks and try to make analog watches fashionable. Maybe they'll come back like vinyl; maybe they'll disappear forever like solving moderately complex mathematical problems on paper.