If you look at the pop music continuum, rock (indie, alt, punk, prog - what have you) has always figured in it. I would say that rock/pop ballads would cover this genre. it isn't a new phenomenon.
I'm learning to play some '70's rock now, and through my look at this era, have discovered that bands like KISS (Beth) Alice Cooper (Only Women Bleed), Kansas (Dust In the Wind) plus the ultimate '80's - '90's example: GNR's November Rain or Patience and even now bands like Finger 11's One Thing are doing it.
I think bands like to demonstrate their balladeering ability, to showcase their lyricism or sensitivity. I called this the 'Beth Syndrome'.
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