*Edit: 'are'
So the thing toaster oven/convection oven is good at ? Aside from big oven heating slowly of course
edit: Also, I should point out that the "basket" form factor of the air fryer is helpful. In the convection oven things tend to lie flay on a sheet, and cooking is less even. Granted, I could put a basket-like container in the convection oven, but it would still be much slower to heat.
Growing up my parents almost exclusively used a pot shaped one with the fan/heater in the lid, to make roast chickens. The skin usually came out nice and crunchy and spicy. It would be tougher to get that same effect in a toaster oven or oven. They also tend to heat more evenly so for reheating they cook better than a microwave. But can not beat a microwave on speed.
Think of each of these as tool to get things done. Each one can mostly do what the others can. But some tools are better suited to cooking styles than others.
It cooks things way faster.
You can argue it's just a convection oven with a faster fan, but that doesn't make it a "meme".
They're also, like, very much not expensive at this point. It's a very commoditized, competitive market, and you can pick them up for <$50.