Spiritual But Not Religious (SBNR) has become a rather common refrain and theme over the past few decades. It is as misleading as it is nonsensical.
A recent BBC post, "A Point of View: Is it better to be religious than spiritual?", did a decent job pointing out the slight difference between "religion" and "spirituality" but still waffled a little on the distinction. People are not actually rejecting religion. They seem to be rejecting rigid adherence to specific sets of rites and rituals, doctrines, and religious leaders. They are moving away from organized religion not religion as a generic social construct.
Personally, I think "Silly Bullshit Nicely Restated" is more accurate to what is taking place.