Not sure about bag bombs but i do remember Fun Snaps. Small white paper wraps that you threw at the floor to make them explode.
Coke ran a tournament in my local supermarket to win a golden yo yo and it drew quite a big crowd. My mother thought that playing video games on a Saturday afternoon was a waste but going up the town to watch someone swing a piece of plastic on a string about was apparently worthwhile.
it's funny how some fads last and some are a blip. Skateboards took off massively and then faded away mostly but are still a big part of a niche culture, if that's not self-contradictory lol, but as a recent example - how massive a craze were fidget spinners? and now you never see one.
KangaRoo's with the secret pocket