It happens often enough that "ironic" fashion, aka things people wear to be cheeky, simply becomes fashionable. And I think this may be the impending case with fanny packs.
By the way, I never really understood why they call them fanny packs. Did anyone actually wear them over their fannies? Backpacks have already had their moment back in fashion, so the obvious (OBVIOUSLY!) question is: can a backpack for your crotch be too far behind?
I actually do own a fanny pack. It's beige and flat and verrrry low key, but I do wear it in public, usually at the gym. It holds my cell phone, keys, and cards while I pump iron.
(Fanny packs via (www.FannyPackAttack.com)