Neither is rest mass an actual "physical concept". When general relativity is considered, rest mass is ambiguous, or at least non-local.
Whether trendy or not, relativistic mass is however a very useful concept, because in many cases it is the relativistic mass, rather than the rest mass, that behaves the way we expect mass to behave; mainly that it is additive. For example, if you weighed a mirrored box full of bouncing photons, the scale would measure the mass of the contents as the sum of the relativistic masses, not the sum of the rest masses.
Rest mass has the awkward problem that it depends on which particles you consider to be "part of the system": A photon going left has no rest mass, a photon going right has no rest mass, but a system of two photons, one going left and the other right, does have a nonzero rest mass.
String theorists would even consider much of a particle's apparent rest mass to simply be another manifestation of relativistic mass, indicating the presence of an invisible periodic motion along a hidden dimension, resulting in kinetic energy even within a particle that seems to be "at rest".
(Edited for clarity)