According to Cajori's History of Mathematical Notations, v.2, §502 (1929) the overbar, overarrow and boldface notations are older, which may be one reason why they are more common. Shaw's 1912 survey of vector notations also mentions boldface, italics, Gothics, overbar, etc., but not underbar. Judging by How to represent a tensor/matrix/vector/array in blackboard? thread on Academia SE, the underbar is interpreted as a handwritten equivalent of boldface, and preferred by engineers. From the accepted answer by Massimo Ortolano:
"I usually employ underbarred symbols for four reasons:
- Of course, I'm an engineer!
- A bar is faster to draw then an arrow.
- My handwriting is awful, and I think that simpler symbols improve readability; at the same time, though, I don't want to abandon the categorization of quantities through different symbols.
- The interpretation of underbar is frequently that of bold, and I prefer bold symbols for vectors over symbols with an arrow."
Such field specific variations are not uncommon, compare to $i$ in mathematics vs $j$ in engineering for the imaginary unit. In more advanced mathematical texts and classes vector distinguishing marks are dropped altogether, and whether something is a vector is expected to be inferred from context.
Wikipedia describes some vector notation standardization efforts at the beginning of 20th century involving Macfarlane, Klein and Sommerfeld. Here is from Cajori:
"Argand adopted for a directed line or vector the notation $\overline{AB}$. Möbius used the designation $AB$, where $A$ is the origin and $B$ the terminal point of the vector. This notation has met with wide adoption. It was used in Italy by G. Bellavitis, in France by J. Tannery, by E. Rouche and Ch. de Comberousse and P. Appell. On the other hand, W. R. Hamilton, P. G. Tait, and J. W. Gibbs designated vectors by small Greek letters... We have already called attention to the designation $a\tiny{\alpha}$ of Frarncais and Cauchy, which is found in some elementary books of the
present century; Frank Castle lets $A\scriptsize{\alpha}$ designate a vector. Frequently an arrow is used in marking a vector, thus $\vec{R}$, where $R$ represents the length of the vector.
W. Voigt in 1896 distinguished between "polar
vectors" and axial vectors" (representing an axis of rotation). P. Langevin distinguishes between them by writing polar vectors $\vec{a}$,
axial vectors $\overset{\scriptsize\circlearrowleft}{a}$. Some authors, in Europe and America, represent a
vector by bold-faced type $\mathbf{a}$ or $\mathbf{b}$ which is satisfactory for print, but
inconvenient for writing. Cauchy in 1853 wrote a radius vector $\overline{r}$ and its projections upon the co-ordinate axes $\overline{x}, \overline{y}, \overline{z}$, so that $\overline{r}=\overline{x}+\overline{y}+\overline{z}$. Schell in 1879 wrote
$[AB]$; some others preferred $(AB)$."