I do believe that the "Craze" portion of the fat bike phenomenon has peaked but I do not think that fat bike numbers have peaked. I think fat bike numbers will continue to climb into significant sales.
Fat bikes are a prime example of how not to introduce a significant new product. That is evident in this thread and the reason for a craze that has passed. 5-10 years ago fat bikes had significant issues that made them intolerable to many buyers who purchased them. Tires, geometry, wheels, frame spacing and knowledge of setup to name a few. There was terrific hype about fat bikes and they did not live up to the hype. Fat bikes left a bad taste for many buyers of those bikes and the hype market was quickly saturated. The big bike manufacutuers got out because research showed the market had been posioned and there was significant dislike for the fat bike craze.
The fat bike itself in not a craze but a unique tool where most of the serious issues are no longer present except in the bargin builders. The E bike market is changing the dynamics and bringing in new blood that is not tainted.
I ride all the time and talk to people, there is a perception among the less abled and elderly that e fat bikes are safer, more stable and give better traction than a traditional hybride or comfort bike. Much of that comes from the fact that in any biking circle involving this segment of the population, there is always talk of an accident that happens from running off the pavement of a mutipupose path into a soft berm and over the handlebars. The talk always boils down to the width of the tires. Correct or not, the perception is that fat tires significantly decrease injuries and increase comfort. The e bike has equalized the energy issues and the problems with self steering are largely disappearing.
Saddly, this big segment of the market is also totally convinced that the ideal saddle is the Cloud 9 tractor seat
All the education in the world will not change the perception of those burned by fat bikes early on and they will not change the older comfort riders from choosing fat tires and Cloud 9 saddles for the bike paths.