I’ll put in another vote for “you are mis-remembering.”
Teenagers burn up a lot of energy in the course of a day. Think about high school- every 45 minutes or so, you get a bell that rings that makes you get up and go someplace else. Between changing classes, meeting friends during breaks, taking lab and gym classes, and generally just hanging out, you are getting a near constant stream of low-level activity in. This slows down a bit during college, but even then you are usually walking around campus a fair amount. Physical activity may feel more significant when you go to a gym and spend a set chunk of time on it, but it’s just as present when it is blended seamlessly into your day.
To give an example, I’m a pretty heavy daily walker and my pedometer tells me I average four miles a day just getting to work and getting errands done. If I were to go to a gym and run four miles, it’d register in my mind as a pretty intense workout. But calorie-wise, my daily walking around is basically the same thing.
In terms of food, teenagers may eat crap, but they generally don’t have unlimited access to crap. You are still mostly eating out of a house stocked with food your parents bought, which probably isn’t a bounty of your favorite things. As an adult, I stock my house with my favorite snack food, and if I eat the whole bag of chips in one sitting, nobody is going to yell at me. Snacking is another factor. Most high schools put some limit on snacking in the classroom, and your schedule doesn’t leave a ton of time for bored eating. As an adult, I can snack at my desk all day, and I often do find myself taking trips to the vending machine just to eliminate the tedium of office life. You usually see this effect start in college with the “Freshman 15,” as people discover the all-you-can-eat aspect of the dining hall. It’s a completely different scene than the snack bars, cafeterias and parent’s pantries of high school.
Finally, the people you are talking about may well have been putting on extra weight in high school and college, and it just takes a while for it to start being visible. If I start out am average weight (let’s say I’m 130 lbs as a 5"6’ woman), and I’m gaining an extra pound a year. By 20, I’m 135, which probably just melts in with normal growth and doesn’t look like much. By 25, I’m up to 145, which is starting to look robust but still fairly normal. By 35, however, I’m 155, which is noticeably large.