BIPOC seems to be catching on and it's even worse. I can safely say I have never met a Black person who wanted to be referred to as a BIPOC. I have never met an Indigenous person who wanted to be referred to as a BIPOC. I don't know where these people are. Maybe tucked in the Oberlin sociology department or something?
I would actually disagree with this; I saw it everywhere six months ago, but it seems that the euphemism treadmill has largely passed it by already. Something noteworthy about "BIPOC" is that nobody has ever known what it stands for, which seems like a bug but is probably a feature.