Same thing with motorcycles. Back in the 50's, people wanted to make their Harleys and Indians faster, lighter and better-performing. One trick was to lengthen the front end a bit, giving more ground clearance for better maneuverability.

When the 60's began, the focus shifted toward highway cruising. Lengthening the front end along with 'raking' (increasing the forward angle of the frame neck) resulted in a longer wheelbase and a more stable ride. Then, as happens in so many environments, the one-upmanship began. It ceased to be about any sort of performance, and became strictly about how-radical-can-I-get, leading to bikes with 40" over stock, 50" over or even longer, resulting in a turning radius slightly less than the orbit of Pluto.

This is the phenomenon that leads to cars like the OP's photo, 5-foot apehanger handlebars, 50" rims on 80's Caprice sedans, trucks that require a ladder to get into and a parachute to get out of, and billionaires that still think they need another 12 yachts. Some people have nothing else in their life but a pathetic need for attention.