Those ultra-low profile tires do two things: they provide enough room for the huge brake discs without being cartoonishly large, and their sidewalls are so small that the tires flex very little under side loads, giving better handling.
Sports cars have legitimate reasons for using ultra-low-profile tires, unlike those ridiculous hip-hop disasters you mention.
Low profile tires are done for styling reasons only. They claim that it's for sidewall flex or whatever. If this was really true, then real race cars would do it too. Look at a Formula 1 race car, arguably the highest performing wheeled vehicles on the planet. They don't have low profile tires. Same for NASCAR vehicles. No low profile there, either.