Troll dolls.
I was informed by someone recently that they are making a comeback. They are different from the ones from many years ago, but they are still troll dolls.
The current virtual reality fad amuses me, because it reminds me of the 1990s VR fad. There still isn’t any real purpose to the technology, and the applications being talked up are the same ones that were being discussed twenty years ago. And I was amazed that Facebook spent two billion on Oculus VR. The current season of Silicon Valley is parodying this.
Polaroid cameras in the form of the Fujifilm Instax mini.
This is likely due to the Trolls movie that just came out, and is similar to the resurgence of Transformers, My Little Pony, Star Wars, etc.
Skateboards. When I was in high school (75-78) skateboards were a relic of the 60s. A few years later they came back with a vengeance.
3-D movies were big in the 50s, then went away, only to return decades later.
Yeah, I guess I need to try to explain the differences I see. My Members Only jacket example was indeed a fashion example, and not really what I was looking for. The raccoon coats was closer, though, because the coats were not worn as a fashion statement so much as a costume at sports rally events. But they, too, were clothing, and what I’m looking for is more Pet Rocks or Beanie Baby in nature, except that neither of those came back.
Yo-yo’s seem to get popular for a short time every 10 or so years. Maybe not anymore. No buttons to push with thumbs.
Hair dyed unnatural colors.
Flip phones.
Doc Martens.
Ripped jeans.
Flip phones are back? Once again, my uncool stuff has become cool! 
I’m starting to see Afros again.
One big seller in our store recently has been hula hoops.
I remember an exercise fad a few years ago of using weighted hula hoops.
Can’t really do much searching from work, but I recall seeing several news stories lately saying that streaking is making a comeback.
Huntington Beach Pier, summer late 60’s, early 70’s is when I first saw it.
Gorgeous thin, tanned girls in tiny bikinis with long bleach blonde hair strutting up and down the shoreline turning heads left and right.
The dawn of summer 2017 (50 years later) and one sees the exact same scene play out at the HB Pier (only these girls are the grand kids of the original girls from the 60’s. I swear you could take a photo today and genuinely not know what era you were looking at.
I guess young girls in bikinis were never really a fad, because they never went out of style.
On another front:
Bigfoot and other various mythological giant hairy monsters were a huge thing in the 70s, with movies and even appearances on tv shows (Bionic man). The interest soon faded.
Fast forward many years and now we have Bigfoot Hunters and other silliness on cable.
Rubik’s Cubes HAVE come back, and not as a retro-hipster thing either. Although they seem to have had a real surge of popularity lately, it’s definitely nothing like the craze of the '80s.
In roughly the same timeframe as the raccoon coat fad mentioned in the OP, it was trendy for guys to have their hair cut in a “mohawk”.
Became trendy again in starting in the late 1970s.
Flannels, ubiquitous among fisherman, the paper towel guy, and bums were worn by “grunge” kids. Now they are back among hipster men who look like effeminate lumberjacks. That and those glasses mentioned above. I have noticed a comeback of “Miami Vice”-esque thin beards as well.
How about aviator-style glasses? Notably worn byGloria Steinem (with side-hair tucked under, no less!*), they were all the rage in the late '70s and early '80s.** Then, for a couple of decades nobody would have been caught dead in them. Even my father eventually had to stop wearing them - the optometrist refused to let him have another pair because they were SO out of style! (He switched to another gold-framed style that was not that different, but at least different enough that they were not aviators). Even actual aviators went with the more squared-off style.
They’ve come back with a vengeance recently, although more typically as sunglasses than everyday glasses. My first reaction upon seeing my sister-in-law wearing her shiny new Ray-Bans was “Eww, gross! Aviators!” My second reaction was “Actually, they look pretty cool - and they look great on her too.”
- That was a fad too, but hasn’t come back.
** The less said the better about certain family photos featuring Mom, Dad, the esteemed Billdo, and me wearing matching gold aviators.
Yeah, I’m not entirely sure how so many guys with full beards, flannel shirts, jeans, and boots manage to inadvertently come off looking effeminate, but they sure do. Maybe it’s the cut of their jeans?
Speaking of hipster facial hair…the brief but furious resurgence of handlebar mustaches might count. I’m just not sure if they were a “fad” back in old timey times or just one variety of mustache that was popular over a reasonable period of time.