Not really, her support playstyle is just unpopular and unappealing to most people.
No one likes to having to force yourself to rely on someone else, especially in soloQ. A debuff support can only do so much when she's got a bunch of teammates that has only 50% of what's going on. Other supports can work with teammates with 50%, Lulu's teammates need at least 75%. Arbitrary values, but you get the point.
People want to be flashy and look like they are carrying, not getting carried. We know how awesome Lulu actually is when she uses spells properly even if it means to have zero damage, but not them; she is "boring" and her buffs are way too subtle for anyone to notice, especially from a 3rd-person point of view.
Don't forget that most players are mechanics-focused, not tactics. Support as a role is unpopular for a reason. About pros and spec live people "setting" the meta... certain champs who are actually in a good spot yet not commonly picked are everywhere. Lulu support is just like that.
Nami is just as unpopular for almost the same reasons.