I have seen Big Theta, and I'm pretty sure I was taught the difference in school. I had to look it up though. This is what Wikipedia says:
Big O is the most commonly used asymptotic notation for comparing functions, although in many cases Big O may be replaced with Big Theta T for asymptotically tighter bounds.
Source: Big O Notation#Related asymptotic notation
I don't know why people use Big-O when talking formally. Maybe it's because most people are more familiar with Big-O than Big-Theta? I had forgotten that Big-Theta even existed until you reminded me. Although now that my memory is refreshed, I may end up using it in conversation. :)