Vaporwave is just one of those niches. Synthwave revival had been happening on a big scale in Portland and LA since the early 2000s and is likely the root of most of the nostalgic 80s fads of the last decade. Nostalgia for past styles is a common trend of the post-millenia in a lot of different areas and most people would trace it to the subsumption of the 90s anti-commercial 'alt' cultures back into the market (ie Hot Topic).
Still, there are further precedents for vaporwave in the 90s/late 80s. Balearic beat was already characterized by uncaringly uncool and chilled out dance music like italo house and R&B; DJ Screw pioneered the art of slowdown in Houston; Stereolab (and Tokyo's Shibuya-kei scene, flipper's guitar, pizzicato five etc) were already re-enacting dug up historical genres.
pointed out, OP's song is future funk, not vaporwave. Vaporwave is a forced meme and is as irrelevant as seapunk.