Hmm, reading into it it does seem to have been co-opted by corporate.
I've only heard it mentioned within gaming, and it typically means more than just bathroom (Encompassing instead a bunch of different biological necessities like bathroom, hydration, eating)
I've always wondered this too. We all know what you're doing anyways so I don't understand why that phrase seems to be trying to "hide" it or something, and afaik there isn't any issues with the words bathroom or restroom right?