lol, NO! There is not yet any reason to suspect anything (including the speaker system being bad) besides it merely being a bad socket.
This was pretty much proven by it working again by unplugging and replugging it, unless there are more details not yet presented.
Doing that will not fix anything but that mechanical connection again, would not change a grounding issue, would not heal a bad speaker system.
If you really want to ignore common sense and decades of this issue popping up on millions of devices (it has been happening as long as there have been these fragile 1/8" sockets) then plug the speaker system into another source like your phone to test it.
Then again, the socket on your phone is the same 1/8" fragile problem potential if it has had some stress from headphone use already. This problem first became widespread back in the Sony Walkman era when people were moving around to stress the socket more.
This is why only cheap, portable, or high density gear uses that 1/8" socket. Anything without those limitations (like a home stereo) uses a more robust connection method. Even when a decent home stereo has/had a headphone socket it was more commonly 1/4" to improve socket lifespan.