Could be. This all stems from an older campaign of mine where misuse of magic had broken down the barriers between the Material Plane(t) and the Elemental Planes, and part of that was several breaches into the Elemental Plane of Water, which naturally on a planet with finite space would result in rising water levels. Being a plane of magical elemental water it could have "mutated" the land races in to more sea-adapted versions.Personally, I would avoid ‘fishy’ variants. That kind of design symmetry seems forced at best, the result of a mass shapechanging spell if it did happen, and maybe cheesy at worst.
Hmmm, perhaps we have an issue of communication here as I have a strong dislike for Aquatic Elves as well. When I say "fishy variants" I mean that this:I dont even use Aquatic Elves for this reason. In the past I used humansized Nixies instead. Tritons seem a decent option too.
Similarly, I would cringe if there were ‘firey’ variants of every race.
If you're going to give it as a standard ability for all races, instead of giving them Amphibious and a swim speed, I'd make them Aquatic breathers only, and have no walking speed. Reason being that having the ability to do both has been deemed good enough to cost resources, such as spells or racial traits. Making them only breath water and not able to walk on land gives air and dry land the same hazard that water is for the usual races, and is a straight transfer, instead of just granting a free Water Breathing spell. This way, Water Breathing can be replaced with Air Breathing, and Alter Self can give you lungs and a walking speed.
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This is intentional. Most players can't be bothered to learn a new set of rules just for the odd underwater encounter.It really seems more like a cosmetic change of scenery than an actual different environment.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.