cold number bait

Been noticing lately that a bunch of people are hyping up "cold number" strategies, like sitting and waiting for a number that hasn't hit in ages. Seems to me like every table has that guy stacking chips on the dead numbers, swearing they're overdue. I get that randomness can play tricks on your brain, but I've seen folks burn through whole bankrolls without ever seeing their pick hit. Curious if anyone here has had any legit long-term success chasing the cold ones, or is this just more gambler's fallacy in disguise?