Its all a matter of opinion and taste. It doesn't serve any purpose and probably hurts the performance of the vehicle...but not everyone races their car or cares about performance as much as looks. While you think it looks stupid....that same person might hate your car.

Personally I like it....BUT you can go too far or FAIL like the example in the OP. With time it will fade away just like everything else does...and something new will come along that some hate and some love....