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I am in the myth camp. No hard data to support my position. I just do not believe fish are that fragile. I also cannot imagine with all of the potential turbulence/bubbles on a reef fish are impacted.
While not really common it can happen. It is due to the water becoming super saturated with gases. It doesn't happen as often if tanks are left open and have lots of surface agitation to help promote gas exchange, but in a covered tank it can happen.
You really can't compare a natural reef to a closed system as the amount of surface area to allow gas exchange is way greater, not to mention that nobody is intentionally pumping air into the ocean.