This is a hot topic and I would like to add my $0.02.
My answer to the question, "Does adrenal fatigue exist?" is "Yes, but..."
About 10 years ago, I started experiencing various fatigue and depression symptoms. First, it was daytime sleepiness. Then, it was depression and poor short-term memory. Over the years, it got worse. This all happened in my early 20s, the time when I should be at my peak.
I saw numerous doctors and therapists of different stripes, both mainstream and "alternative" with almost no relief to speak of what-so-ever.
Finally, about two years ago, I saw a doctor who recommended James Wilson's "Adrenal Fatigue: The 21st Century Stress Syndrome." I tried the high dose vitamin C, adrenal glandular, and some of the herbs he recommends. However, I did not respond to them very well.
As far as lab measurements, the my testosterone was low-normal and my white-blood-count was low normal. My doctor said that this was cause for concern. Also, I noticed that my body temperature was consistently low (in the 95s to 97s), just as James Wilson said it would likely be in the case of adrenal fatigue.
Later on, I got in touch with another doctor who seemed to have more experience with this sort of thing. He recommended a test called the CD57. This test came back way low which he said is a sign of chronic Lyme disease. (I realize that this is yet another non-mainstream diagnosis.) Unlike some other doctors who treat Lyme disease, he recommends treating Lyme herbally.
I tried the herbal regimen that he recommends: the "Buhner Protocol". Within a few months, I suddenly became very sick for a few days (a herx reaction, perhaps?). I was mostly bedbound for the worst of it. Within a few more months, I was consistently feeling somewhat better, but not 100% healthy. I was still experiencing my symptoms, but the symptoms were less severe.
Over a year later, the doctor suggested adding some things to my herbal protocol. He suggested that I could have a Babesia co-infection; other herbs can treat that. He recommended another herb called cryptolepis and a multi-herb formula known as "A-Bab". I recently started with these, and have been feeling somewhat better.
I'm certain that some folks would say that this is all likely a placebo effect, but I disagree. For starters, I feel much better and I can tell a big difference vs. trying things that didn't work. Finally, now that I'm feeling somewhat better, I find that my body temperature consistently measures higher (high 97s to low 98s).
James Wilson did say in his book that many cases of adrenal fatigue may be caused by another underlying condition, so my experience is consistent with what he has to say.
I realize that my story cannot provide a complete answer to the question being asked here, but I hope that it will be useful!