Quite interesting. Apparently the origin comes from a Mr Bean episode where he spins his little car over a mini roundabout, and the artist Jay Turner captured it on canvas.

History is probably significant - the change in tire technology from the 60's (bias) to 70's (radial) was big (more stable/rigid tires) and again from the 70's to 2000 was massive for traction.

And then suspension improvements.

Today I cruise at 60mph on roads that with 60's and 70's cars 60mph was the max I would drive.

I did my share of sliding in those cars "in the day", when I don't even think about it today.