Sometimes it’s difficult to get beyond the hype. Fortunately in the US the red velvet craze is dying down some. It was so ridiculous that people were marketing non-food items such as candles as “red velvet” scented. It was really ridiculous for a while there.
I'm making kind of a necro-post by resurrecting this old thread, but if I'm not mistaken, Red Velvet wasn't always made with gallons of dye. The dye was Adam's company's "cheat" to doing RVC the "easy way". Originally it was boiled beets that added the color, and made the cake much richer and more savory than a simple chocolate cake with bitter petrochemicals flooding it, the same way using lard as a fat can add a nice savory note to otherwise sweet goods. On the rare occasion I find a baker insane enough to boil beets to do it the right way, it's quite enjoyable and very different from other cakes. But finding that is a rarer thing that finding someone that makes pumpkin pie by straining their own crook neck gourds.
The ugly fad was, if I recall, a mix of it having played a role in some movie, I forget which, and simply because it was "different" and was a marketing hook for the food industry. The popularity in taste, I'm convinced, is simply because most of the public actually has no taste whatsoever for quality baked goods, and food in general, despite gourmet food spending going through the roof. Most people can't taste the difference between a "bakery" that just makes boxed cakes, a supermarket bakery, and a real scratch bakery and sees them all as equivalent quality. Presentation and image is what most are tasting. Though, sweet cream cheese and petrochem bitters, I admit, does have kind pleasant mix on the palate that either one on its own does not.
A real RVC with real beet juice is actually a great cake. It's also not as "hazard red" color in bright primary colors, but is a darker, deeper "drying blood red" that some might not find as appealing as food science chemicals, but looks more like a deep red stained chocolate. Most will never get to taste one. And you'd have to truly hate yourself to try to make one.