Wonder Woman was once caught up in this trope. For a time in the late 1960s and early 1970s, Wonder Woman lost her powers and familiar uniform, gained a wise old Asian mentor who taught her martial arts, and had espionage adventures wearing a white jumpsuit ... right around the time spy shows like The Avengers were popular. Most people hated this, Gloria Steinem even commenting how it was a needless depowering of the strongest female hero in comics, and it's pretty well in a Dork Age.
Ironically, the spy concept as well as the white-jumpsuit were both used in a more recent volume of Wonder Woman following Infinite Crisis. Judging by some reviews, people liked it.
Dazzler (pictured at right), who later became a member of the X-Men, was introduced with disco-based powers and costume (white jumpsuit and roller skates) just as disco was dying. It didn't help that she was given a big marketing push, meeting up with the likes of Galactus in a vain attempt to make the character cool, or that the entire project had begun as a proposal for a live action film starring Bo Derek. But at least she wasn't called the Disco Dazzler, as originally planned.
Going even further, there was going to be actual Dazzler music put out by Casablanca Records, the same label KISS was on.
Actually, the record/comic tie-in was the original conceit. The character was at one stage to be black, and there are John Romita Jr. sketches◊ that exist of this early Dazzler. At one point they actually had a singer who was to play the Dazzler persona but the deal between marvel and Casablanca fell apart. Later on, Jim Shooter put together a treatment for the aforementioned movie (also to feature Donna Summer, Cher, Rodney Dangerfield, Lenny and Squiggy, Robin Williams, the Village People and Kiss), and the now revived Dazzler concept's appearance ended up based mainly on Bo Derek (and when she was still attached to the role, People magazine even had her on the cover holding a whole bunch of Marvel mags for research◊!)
Once the "disco diva" gimmick was dropped, Dazzler became a fairly popular second-tier X-Woman. Dazzler revisits the disco diva gimmick during some of her performances as part of a tribute. She's a main character in Marvel Zombies vs. Army of Darkness, and Ash hits on her repeatedly.
In Dazzler's introductory issue, Scott and Jean look for Dazzler in a makeshift disco inside a dilapidated buildling, with Scott wondering "if this was where old discos went to die".
Dazzler's sister/nemesis, Mortis, sports a costume similar to the Misfits from Jem and the Holograms. So one sister visually evokes 1970s disco, while the other evokes 1980s hair metal and glam rock.
Storm was another X-Man who got in on the punk trend - she sported a mohawk for a while in the 1990s.
The original run of the Teen Titans comics featured two villainous examples who used then-trendy fads as covers for their criminal schemes: Ding-Dong Daddy (a caricature of Ed "Big Daddy" Roth, whose shtick was Hot Rods) and the Mad Mod (whose shtick was the fashions of the "Mod" look). Appropriately, such villains have returned as part of a nostalgia fad, to evoke the era in which the original fads appeared. The animated series hangs a lampshade on this when it's revealed that the youth-scene-oriented Mad Mod is actually a crotchety old man using holograms and stage magic to create his younger appearance, trying to steal and/or control youth.
This trope is possibly a reason why Dick Grayson got new Nightwing costumes. His first one was very 80s◊ while his second was very 90s◊ with hair to match and that followed him into his more familiar costume for a time.
Grunge from Gen13. Adam Warren had one of his sparring partners mock his name by calling him "Easy Listening" and other musical genres. Gail Simone's run explains this as a reference to the fact that he has "grunge under his fingernails", although Roxy provides a Lampshade Hanging with the comment "Grunge? You mean the stuff dinosaurs have on their iPods?"
Videoman, of Spider-Man and His Amazing Friends, was based on arcade-style video games. Other characters of similar vintage are Marvel's Megatak and DC's Colonel Computron, and Bug and Byte. The latter three could potentially be made into credible threats again considering the incredible advances in computer technology since their creation, but Megatak's entire thing is being a character from an eight-bit arcade game.
A little earlier in Spider-Man's history, we have supervillains Rocket Racer (skateboard) and Hypno Hustler (disco). Disturbingly, Hypno Hustler never appeared again as a villain (Aside from some cameos here and there) after his first appearance but has acquired a certain notoriety-based cachet among fans; Rocket Racer cameos every few years - his latest appearance portrays him as a genius Basement-Dweller with confidence issues, based on the engineering skills he often displayed in earlier stories.He's recently popped up in Avengers Academy, seemingly back to using his old board.
There's also Screwball, a traceuse who likes recording her exploits and then uploading them to YouTube and talking about them on Twitter. Peter himself has apparently begun studying Parkour as well, as showcased by an issue where he's forced to operate in an area without high-rise buildings from which to web-swing.
Guy Gardner didn't become an actual Green Lantern until the 1980s, where he was essentially made into a walking parody of Reagan-era policies. He started a war with the USSR and frequently expressed admiration for the amoral corporate raiders of the era. His characterization has progressed since then, but his 1980s look remains intact.
His fellow GL, John Stewart, was introduced amidst the racial turmoil of the 1970s as an Angry Black Man who railed against "The Man" and frequently provided a liberal counterpoint to conservative white Hal Jordan. Like Gardener, Stewart has grown into a complex and well-rounded character.
Ghost Rider is actually a combination of two different fads at the time the character was created in the early 1970s: stunt cycling and characters with horror-themed origins, which were then popular at Marvel Comics. Thankfully, his occult adventures and highly distinctive design fit in rather well during the 1980s and '90s, especially with the influx of anti-heroes in the 1990s. His popularity has faded considerably in recent years, however.
The new Flash character Turbine seems like he was created to cash in on the renewed interest in the Tuskegee Airmen after the release of the movie Red Tails.
The only aversions (or are they Lampshade Hangings?) are Omega Red, an intentional throwback who, in his first appearance, was explicitly kept in stasis since the Cold War until woken in the post-Soviet era, and "Cold Warrior", a similarly stored surplus-parts cyborg whose whole schtick is trying to bring back the People's Glory Days.
Ironically, Omega Red was created in 1992, early enough that stasis could not have been needed.
Averted in the case of Nazi-themed villains, since Nazism is such an enduring symbol of evil, but played straight for any villain based on Japanese Imperialism.
U.S. Archer was a Marvel character based on the truckin' citizens band radio craze of the 1970s... created in 1983. Way to jump on that trend. Razorback was an earlier CB-based character.
Night Thrasher, leader of the New Warriors in the Marvel Universe, was created in 1990 with a skateboard grafted onto his urbanized Batman schtick to cash in on the rising popularity of the sport in the late '80s. As the '90s progressed, he used the board less and less and settled on a Cool Bike early in the series.
And since any connection between skateboards and the term "thrashing" has largely passed out of public awareness, his name just soundsawfully nasty (although Spider-Man made a joke along this line in 1991.) He fought with twin escrima sticks so the thrashing part of his name could easily be applied to his weapons of choice.
Not just a skateboarder, mind you, a black skateboarder. Marvel writers sure know their demographics. For the uninitiated - his heyday was long before there were any big-name black skaters.
Rocket Racer, Marvel's other black skateboarding superhero, has much the same problem.
Marvel's Angar the Screamer, an angry radical type whose screams cause intense hallucinations.
You also used to get a lot of "kneejerk reactionary" villains in the 1980s, like Warhead, who held the Washington Monument hostage until the United States started war with somebody, anybody. Strangely, he was an inversion of a real-life incident where a peace protestor threatened to blow up the monument unless the U.S. disarmed.
There was a karate fad in the United States in the 1950s and 1960s. He was reworked to fit the kung fu fad of the 1970s. He still predates the movie The Karate Kid by decades, so he's not quite as derivative as he sounds.
Beast Boy: "Karate Kid"? Ha! "Wax on. Wax off."
Apparition: Superboy said that, too. What does it mean?
Karate Kid: I have no idea.
Adam X the X-Treme, from the early, well, guess which decade, who was almost made a completely unignorableOld Shame by virtue of being the third Summers brother. Fortunately, he vanished before the writers revealed that, and it ended up being someone completely different about a decade later. He hasn't disappeared completely, considering a few recent appearances - and it's still entirely possible he's the fourth Summers brother, if only a half-brother.
Occasionally employed in a self-aware manner by Astro City — for instance, flashbacks to The Fifties might feature an appearance by a hero called "The Bouncing Beatnik".
Word of God is that the Bouncing Beatnik actually changes identities to social trends of the time. There's been three known (in-universe) incarnations of the Beatnik, though only two have appeared in stories to date.
The "Dark Ages" story arc references the kung fu fad of the '70s with the Jade Dragons, and the space race with the Apollo Eleven.
Older stories have featured brief glimpses of the Frontiersman, complete with coonskin cap. If you don't get it, there was a popular Davy Crockett TV show in the 1950s.
The Heroes for Hire, Power Man and Iron Fist, capitalized on the popularity of blaxploitation and kung fu movies, respectively, by combining the two trends. As did their female counterparts, the Daughters of the Dragon Misty Knight and Colleen Wing. And the vaguely-affiliated Sons of the Tiger.
Similar to Karate Kid, Marvel's Shang-Chi, Master of Kung Fu, first appeared in 1972 as part of the '70s kung fu revival. Not only was Shang-Chi meant to invoke Bruce Lee, but his origin came because Marvel owned the comic book rights to both Fu Manchu and Kung Fu at the time.
Marvel Zombies. It's probably not a coincidence that an alternate universe where all the superheroes have become zombies became a recurring theme at the same time that books and movies about zombies were trendy.
There's a bit of "retro on purpose" there, though. The Marvel Zombies universe (the first one, at least, before they go dimension-hopping) is a bit further back in the timeline than the "real", 616 Marvel Universe but doesn't perfectly match any particular era. Captain America was a colonel, Earth has never seen Galactus before, and most of the zombified heroes wore costumes that those characters hadn't worn since the 1970s. However, Magneto had acolytes, which didn't come along until the 1990s in the 616 Marvel Universe.
There are plenty of Goth superheroes, like Marvel's Nico Minoru (formely Sister Grimm until they decided to ditch the codenames) and DC's Black Alice.
The Goth subculture's also not even close to dead (though the music's unrecognizably different now, of course) ... its corresponding superheroes tend to be about ten years behind the current popular "look."
Negasonic Teenage Warhead, or Why It's A Bad Idea Let A Goth Teen Name Herself.
Coinciding with the popularity of Rozen Maiden and the rise of the Elegant Gothic Lolita subculture, almost every work of popular Japanese media produced from 2002 to 2008 or thereabouts had to have at least one character that was a 10-14 year old girl dressed in frilly, modified Victorian dresses armed with mystical powers, if not total command over the forces of darkness. Characters include but are not limited to Ninon Beart, Amy Sorel, every character of the Touhou Project, and more.
Neil Gaiman's Death is also now an example. She typically dresses as a 1980's goth, even in time periods before the 1980's. From a modern perspective, she has an odd fixation on death imagery from one historical time period to the point that she even uses it in another.
Super-Hip, who appeared in DC's Adventures of Bob Hope comic book, was a parodic example of this trope.
Video game example: Hinako Shijo was based almost entirely around a very short-lived fad that revolved around petite women and high school girls that wanted to learn how to sumo wrestle. Seriously.
In the Global Guardians PBEM Universe, there is Headbanger, a hair-metal themed supervillain (who shows lots of chest hair, has big poofy 80s rock-star hair, and makeup) who uses The Power of Rock as a weapon. Glitterball was a disco-themed hero active in the late 1970s. Speedway is a NASCAR-themed speedster. Yo-Yo uses gimmicked yo-yos as weapons.
Fire and Ice from the JLI had very 80s-looking costumes, complete with big hair and T-shirts over spandex. Ice even Lampshaded this by claiming she and Fire looked like they belonged in a Hair Metal video. Needless to say, the more recent comics and cartoon adaptations have chosen to give them different outfits.
Obscure Batman villain Magpie used to sport a mohawk and an outfit that made her look like a reject from an 80's hair metal video.
They're bringing her back in the Beware the Batman cartoon. To modernize her look, she's now been redesigned to resemble Lady Gaga.
It's hard to tell whether Marvel: The Lost Generation's Hipster, a skinny, goateed beatnik and total Jive Turkey operating in late 1950s San Francisco, is intended as a spoof or a completely straight portrayal of this trope. However, he's inarguably an example. When he meets Sunshine, a woman with psychadelic powers, he changes his costume and name to become Captain Hip.
DC's Super Young Team subverts this while trying to play it straight. They aren't tied to any specific trend, but they're obsessed with staying fresh and current. That said, Most Excellent Superbat, the most materialistic of the lot, is adamant that they're also somehow more than all that.
In 2009, there was an issue of The Brave and the Bold that was written, which essentially put forth the idea that Brother Power was too tied to the past to exist in the present. The issue ends with him burning to death after realizing he doesn't belong in the 21st century.
Along the same lines, DC Comics announced in 2013 that they'd be debuting two new series, one a relaunch of the failed 1970s concept the Green Team and the other a massive group of working-class heroes known as "The Movement". The idea is to represent "the one percent" and "the 99 percent."
It's easy to forget the Silver Surfer is a fad super. He was created in the 60's when surfing first gained popularity but since he's an alien who never knew anything about surfing (the Human Torch gave him that name) and the board is actually just an extension of himself he uses to fly through space and not technically a surfboard, the fad aspect of his character never distracted readers.
Spoofed in an Astérix one-shot from the 60s in which Uderzo was (in Kayfabe) bowing to reader pressure to Re Tool the characters to fit the then-trendy psychedelic craze. In the story, drawn in the style of Yellow Submarine, he removed Asterix and Obelix's usual Super Serum-induced Super Strength in favour of giving them hippie-themed Emotion Bomb flower magic that causes attacked Romans to experience a Design Student's Orgasm of enlightenment, peace and love. Obelix is not amused by this and opines that he prefers punching people.