Not new anymore, that started with the "Big Data" craze back around ~2012/2013.

But at the core it makes sense - it's just businesses making better use of the tons of data their systems are generating.

I was about to dispute this because of my experience using the term widely in late 2008-2010 range but Google Trends shows you are probably more accurate on timing. I work in corp finance and BI was pushed on us early.