Serem clocked 8:06.90, stunning El Bakkali, whose homestretch surge has been his trademark.
Cherotich wins bronze on a day that Kenyan fought in tough in Paris.
Kenya's Abraham Kibiwot claimed bronze (8:06.47).
Kenyans lost the steeplechase title at the Tokyo Olympics with Morocco’s El Bakkali winning gold.
The African Games silver medallist is transitioning to the senior ranks with Olympics debut.
He says more steeplechase legends should be brought on board to help prepare teams for top global contests such as the Olympic Games and World Championships.