probably not another fad, it jus stems from color theory, which have been incorporated in film one way or another for a really long time. Even before these digital color grading took place, scenes in movies are carefully planned out, from set to costumes to lighting, so they fit within a certain range in the color space such it's pleasant for viewers.

The orange and teal look is just a very widely used combination that utilizes complementary colors. Even though it's been used a lot i personally still find it quite appealing.