The odd thing to me is that you can't just tell your vertically-oriented phone to produce landscape video. The imaging sensor is square.
You can see that in any teardown.
I do agree there's no "right orientation" though since it's subjective. However having a square sensor would be illogical
Now, you could argue that we've gone more mobile, and newer social media formats expect portrait, but, that doesn't change that it's risen because people take videos and never consider, "hmmm, if I turn it around, I get a better picture and it looks more like a TV! Duurrr." Just because it's more popular doesn't mean it's not stupid AF.
https://www.youtube.com/watch?v=dechvhb0Meo
Now, I think that there is probably more vertical video made each minute than there is wide.
I really enjoy watching vertical videos on TikTok every day and it is clearly much more ergonomic to hold the phone in the vertical aspect. When I create videos I use two cameras rolling at the same time, one in each aspect. It doubles my edit time, but lets me create content for vertical and horizontal platforms at the same time. Sometimes I have to shoot twice because certain content looks goofy if you try to frame it well for both.