The "Devil sign" was popularized by Ronnie James Dio when he took over as the lead singer for Black Sabbath after the departure of Ozzy Osbourne. Ozzy used to flash a peace sign during concerts and Ronnie wanted to keep some continuity in the show without it looking like he was just trying to be an Osbourne clone. He borrowed the hand sign from his Italian Grandmother where using it to ward off Malocchio, the evil eye, was commonly used. So it became popular basically because it was easy to do and looked cool to the audience. The only connection to Satan was made by people who were totally clueless but wanted to find a way to disparage a type of music they didn't like.