I can think of a few reasons:
- idle animations are a long-standing features of many video games, and can be coded to give more personality to characters or the game itself, add to the realism and immersion, or just a fun Easter egg put in by developers. They have been around since at least 1978
- in the case of racing games, it allows the model and design of the car to be showcased more fully, where usually only the rear would be visible during gameplay
- it helps prevent screen burn-in, which was more of an issue with older style TVs
- since racing games that came before had such an animation, it is perhaps just an expected trope that developers feel compelled to include
To add to patrickk's answer, often at car shows cars are displayed on a turntable. My guess is that they may be trying to recreate this "car show" type experience...
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