My first car, a 1958 Chrysler had the wide whites. Back then it was fashionable, they all had it. I remember when the thin double whites came out, and I bought a set, it was really cool looking.
Then the Redlines came out, and everyone my age wanted them.
After that it was raised white lettering, then eventually (now) just black, except for the raised white lettering on some of the all-terrain tires. It's a matter of taste and trends in car "fashion." For the classic car owner that wants to keep the original look, whitewalls are a must. I don't see them coming back on modern cars, however.