I wouldn't necessarily say that the fad has ended. I would say that since fitness trackers were introduced several years ago, early adopters were quick to realize the limitations of them. However with marketing/advertisements, they became more widely visible and available to the main market. A new pool of consumers opened up but came to the same realization of the poor quality and commoditization of step counters/fitness trackers.

I see it as some combined effect that is manifested in GoPro/FitBit stock (i.e. tanking). The reality is that the average person doesn't do any amount of extreme activity such that the step counters provides any additional value. But the lifestyle aspects shown in the ads convinces people that getting one will change their lives.

Wrong. Fitbit's stock value has nothing to do with the underlying value. Follow the markets lately?

There is no fad here. These companies are attempting to lay down the pipes for the upcoming sensor and IoT revolutions.

I use my phone as a cycling computer and only need a $50 heart-rate monitor to make it as fully featured as I need.

Sorry for the offtopic, but can you explain a bit more about your setup? Which phone app do you use while cycling? Android or iOS?

Not OP but I personally use Strava [1] for Running/Cycling and a Wahoo HR Monitor [2]. Strava works on Android and iOS and is free. Wahoo HR monitor is only $50 and works great.

[1]: https://www.strava.com

[2]: http://www.wahoofitness.com/devices/hr.html

I'm going to throw in my recommendation for this HRM: http://www.scosche.com/rhythm+

Works with Ant+ or Bluetooth. As accurate as the chest band, but much easier to put on. No CR2032 batteries to deal with.

Did you consider the Polar H7? Seems to get a lot of love and it's about the same price.

I just switched to Strava after using MyTracks for years. It's fine. Android.

I don't use an HRM yet, but I'm about to get one, and that'll be it unless I decide to get a cadence sensor.