Specific Link to "American Graffiti" (1973)
Paul Thomas Anderson cited two "teenager nostalgia films" as influential upon Licorice Pizza:
American Graffiti(1973) and Fast Times at Ridgemont High(1982.)
Interesting: American Graffiti was a nostalgia film itself IN 1973 -- it was set in 1962, which was 11 years earlier but felt like a whole other era -- the last gasp of American innocence before JFK got blown away and Vietnam locked in.
But as someone noted, "American Graffiti used to make you nostalgic for 1962...now it makes you nostalgic for 1973."
Fast Times at Ridgemont High was contemporary to its 1982 year of release -- but is nostalgic now. And whereas American Graffiti is set a couple of hundred miles north of the "Valley"(San Fernando Valley in LA) in ANOTHER Valley(the dusty and rural farmland Central Valley of California), "Fast Times" is right there in the Valley where Licorice Pizza was made "after"(2020) but set "before" (1973.) "Fast Times" shares a star with "Licorice Pizza" too: Sean Penn, a long wrinkled way from Jeff Spicoli.
All that said, Licorice Pizza isn't REALLY too much like those formative high school movies. Yes, it opens at high school(during class photo day) but the Alana Haim character is well out of high school and the Cooper Hoffman character already hangs out in the adult world of showbiz and bars (that serve him Cokes.)
All THAT said, PTA puts his most direct reference to American Graffiti right up front, and almost dares us to remember it from the original:
Gary and other teen age boys in in the "Boys Room" at high school, primping in front of mirrors, and someone yells "cherry bomb!" and one explodes in the stall.
Exact scene from American Graffiti --if you remember it.
PTA announces the roots of "LIcorice Pizza" right off the bat...and then spends the rest of his movie moving away from them.