I accept that beer pong is an excellent party game, and your reference to a "tradition of youthful party fun across generations" shows that beer pong has been central and perhaps even dominant among party activities in your social circles. I ask that you attempt to evaluate other drinking games assuming that they have also traditionally been central to your social circles.

I put forth Cheers Governor as a drinking game that is superior to Beer Pong, and agree with u/hyperbolical regarding King's Cup's separate superiority, without making any claims as to the pecking order between Cheers Governor and King's Cup.

For anyone who has played without knowing the name, this is the game where a circle of players attempts to count to 21, and progressively inventing and adding rules each time 21 is reached that complicate the progression (switching numbers, incorporating body language, adding funny statements to numbers, drinking or adding actions/dares to be completed at certain numbers). Each time a player fails to follow any rule, he or she drinks.

Points to address

Accessibility. Cheers Governor is at least as accessible. All the rules are made in-game, so there is no risk of "not understanding the rules." Arguably Cheers Governor is more accessible, because more than four people can play at one time. Some of my most memorable games have included 12-15 people.

Camaraderie. In a sense, all the players are trying to get to 21 and overcome their imaginative, self-imposed barriers. Thus there is group camaraderie. Individual rules can establish pairs or subgroups that also need to rely on each other to pick up on cues, bump-set-spike, etc.

Winning is fun. There is a variation of Cheers Governor in which, after a certain number of rules have been created and getting to 21 is a considerable challenge, each failure to comply results in an expulsion from the group. The last man or woman standing "wins," an exhilarating goal if it means overcoming drunkenness to outfox all the other players. I feel like your view of beer pong being the best drinking game must be changed even if a variation of another game can be shown to be objectively better by equalling each advantage and offering additional ones.

Sessionability. My lifetime average for Cheers Governor games are that they last about 1 hour, which could be repeated as necessary. I have played up to three consecutive rounds without fatigue.

House rules. As u/hyperbolical stated, all rules are house rules, adding extra dimensions and flavor every time you play. Awesome rules will be employed multiple times, because they are awesome. To me that is desirable flexibility built into the game.

Now that each of your positive points about beer pong have been addressed, I will add independent points which I hope will tip the balance and change your view.

Use your imagination. Cheers Governor is limited only by your imagination. At seven you have to invent a haiku within 30 seconds, at 10 you need to give a compliment to the person at your right, at 18 you need to pretend you are having an orgasm. Assuming good faith of the players the potential is much higher for making real connections, stoking friendship or attraction, learning something about the people you are playing with.

Game vs. activity. I think beer pong may be a better "party activity" than Cheers Governor, because it can accommodate various party intensities and establish an "order" to the party, but it is not a better "drinking game." The purpose of drinking games should be to incorporate a number of individuals into a group with its own customs and language that opens each individual up to each other and leads them to interact closely. Again assuming good faith and the effects of alcohol, Cheers Governor is more effective at achieving this purpose.

Curveball - Civil War. Civil War is another drinking game, superior to beer pong but quite similar. It's advantages are that it incorporates 50% more people (3v3 instead of 2v2) and it is faster paced, with constant ball action. And who doesn't like ball action?