I wouldn't call it a fad, it was pioneered by the cast iron skillet collectors, who are so fanatical about condition and keeping the original metal intact, so they tried every known rust removal technique, and that one turned out to be clearly the elite method, and also the least work!
Agree, once all the equipment and solution is in operation, electrolysis is the least physical effort, but not really a recent invention.
Electrolysis was around when Griswold was still sold new at the corner hardware store. My grandfather used it on the farm with an old battery charger from a Baker electric. It's only because of the internet what was old seems new again.
BTW, this ain't Swiss watch repair we're discussing. Vises are large chunks of cast iron which were shot blasted as soon as they came out of the foundry molds.
I've cleaned vises with steel shot blasting, sand blasting, steel wire wheel and never seen any deterioration by the cleaning beyond whatever the rust has already damaged.
Where some Plomb pebble and Griswold/Wagner collectors get their lace knickers in a knot is thinking some fleamarket hamburger wire-wheeled off the logo detail when their delicate electrolysis machinations might have preserved more of it. Oftentimes, the piece was already so rusted that the cast logo detail would be pretty much gone when it comes out of the electrolysis, but I'd agree not everyone can be trusted around a logo with a cup wire wheel.
JMHO, If it's a rare and collectable artifact, then pass it on to someone who will pay more for it. If it's a rusty old vise, clean it however is most convenient and put it back to work.
jack vines