I'm aware of that setting, but this is the Samsung baseline. The panels they export for OEMs / other manufacturers don't seem to have the same hyper saturation. Even just standing next to someone using a Samsung phone or tablet you can often spot it straight away we know you what to look for.

Even phones have screen settings these days (much less detailed than monitors). On my Motorola phone w/ OLED screen, I turned off "vibrant colors" or something like that. Maybe the people you saw didn't bother or liked it. Maybe there is something that can't be turned off, who knows. I only have semi-regular experience with an older (and non OLED) Samsung tablet which seems fine.