There could be many reasons why a cat likes to chew on its owner's socks. It could be that the cat is playing, and this behavior is common among cats. However, it usually stops as the cat gets older.

Cats often carry socks in their mouths in hopes of getting their owner's attention, as they perceive this as an effective way to gain attention. If a cat finds its owner's body warm and comfortable, it will try to find a comfortable sleeping spot.
Cats are territorial and may consider their owner's socks as their territory, using this behavior to assert their dominance. When a cat is in a good mood, it will unconsciously start playing with its owner's socks.