Is it possible for brake rotors to warp? Absolutely yes. Is it common these days? No.
Rotors really only warp due to thermal stress. Say you push your car really hard, enough for the rotors to get super hot... like glowing red hot. Then you hit a big puddle of water and splash a torrent of water onto the rotors. The parts of the rotors that got hit with cold water cools off rapidly vs. the rest of the red hot rotor. The ginormous thermal gradient - and the thermal stresses - that creates could quite possibly cause the rotor to deform. It's the same reason you don't spray cold water on a hot engine, lest you wish it to start leaking oil.
This was particularly bad back in the aftermath of the 70's Oil Crisis days, when auto mfrs did everything they could to improve fuel economy. Cars were downsized and lightened as much as possible... sometimes too much so. Some of the early Japanese cars were tin cans back in the days. Brake rotors and drums were a prime candidate for shedding weight. Some rotors were so thin that just over-torqueing the
wheel nut bolt/nuts could strain the rotors out of shape. IMO, a lot of these warped rotor stories are just residual nightmares that are remnants the national-55mph PTSD that haunted a lot of us growing up in the 70s and 80's.
These days, cars have gotten much heavier, beefier and more robust. It's good in some ways, and bad in others. Warped rotors are by and large an issue no longer. But sometimes I do miss those 2000 lbs tin cans that we could toss around nicely with barely 100 HP.