documentclass{beamer}
begin{document}
    begin{frame}
        begin{itemize}[<alert@+>]
            item one
            item two
            item three
        end{itemize}
    end{frame}
end{document}

documentclass{beamer}
usepackage{lmodern}
usepackage{tikz}
usetikzlibrary{calc}
usepackage{xparse}

tikzset{
    invisible/.style={opacity=0,text opacity=0},
    visible on/.style={alt=#1{}{invisible}},
    alt/.code args={<#1>#2#3}{%
        alt<#1>{pgfkeysalso{#2}}{pgfkeysalso{#3}}
    },
}

tikzset{
    background fill/.style={fill=#1},
    background fill/.default={white},
    fill on/.style={alt=#1{}{background fill}},
}

tikzset{
    background draw/.style={draw=#1},
    background draw/.default={white},
    draw on/.style={alt=#1{}{background draw}},
}

tikzset{
    background filldraw/.style args={#1 filled by #2}{draw=#1, fill=#2},
    background filldraw/.default=white filled by white,
    filldraw on/.style={alt=#1{}{background filldraw}},
}

pgfkeys{/highlight/.cd,
    above right offset/.initial={0.015,0.065},
    above right offset/.get=aboverightoffset,
    above right offset/.store in=aboverightoffset,
    below left offset/.initial={-0.015,-0.1},
    below left offset/.get=belowleftoffset,
    below left offset/.store in=belowleftoffset,
}

tikzset{highlighting/.style={
        append after command={
            pgfextra{
                path[rounded corners,
                background filldraw=red filled by red!30,% border+filling
                filldraw on=<#1>, % overlay specification
                overlay] ($(tikzlastnode.south west)+(belowleftoffset)$) % to have some offset
                rectangle ($(tikzlastnode.north east)+(aboverightoffset)$);
            }
        }
    }
}

NewDocumentCommand{highlight}{O{} m}{%
    pgfkeys{/highlight/.cd,#1}
    tikz[baseline=(A.base)]
    node[highlighting=.,
    inner sep=0pt] (A) {textcolor{black}{#2}};%
}


begin{document}

    begin{frame}{Itemize with styles}
        begin{itemize}[<alert@+>]
            item highlight{one}
            item highlight{two}
            item highlight{three}
        end{itemize}
    end{frame}

end{document}

documentclass{beamer}
usepackage{lmodern}
usepackage{tikz}
usetikzlibrary{calc}
usepackage{xparse}

usetikzlibrary{overlay-beamer-styles}

pgfkeys{/highlight/.cd,
    above right offset/.initial={0.015,0.065},
    above right offset/.get=aboverightoffset,
    above right offset/.store in=aboverightoffset,
    below left offset/.initial={-0.015,-0.1},
    below left offset/.get=belowleftoffset,
    below left offset/.store in=belowleftoffset,
}

tikzset{highlighting/.style={
        append after command={
            pgfextra{
                path[rounded corners,
                background filldraw=red filled by red!30,% border+filling
                filldraw on=<#1>, % overlay specification
                overlay] ($(tikzlastnode.south west)+(belowleftoffset)$) % to have some offset
                rectangle ($(tikzlastnode.north east)+(aboverightoffset)$);
            }
        }
    }
}

NewDocumentCommand{highlight}{O{} m}{%
    pgfkeys{/highlight/.cd,#1}
    tikz[baseline=(A.base)]
    node[highlighting=.,
    inner sep=0pt] (A) {textcolor{black}{#2}};%
}


begin{document}

    begin{frame}{Itemize with styles}
        begin{itemize}[<alert@+>]
            item highlight{one}
            item highlight{two}
            item highlight{three}
        end{itemize}
    end{frame}

end{document}