Somebody wrote:

"And lest you think me wholly one sided, the fact that pilots, in
their
competitive ardor, continued the practice even after emergency
vehicles,
including a helicopter, appeared on the scene, demonstrated an
appalling
callousness and disregard for safety."

I'm not so sure about callousness. It could very well be what the
French call "mental viscosity", the inability under stress to react
correctly to a changing situation. These pilots were so concentrated
on their task, that they were simply unable to grasp what was
happening and react accordingly. They just continued doing what they
were used to do. For them, this kind of finish is the only optimal
one.

Now for the reason for making low speed finishes:

It would be interesting indeed to calculate for diverse circumstances
if the reduction of the induced drag in ground effect compensates for
the energy loss consecutive to the high speed dive (as profile drag is
directly proportional to the square of the speed) needed to get near
the ground at very nearly Vne. Given the added energy loss of having
to jump over hedges and wires (deflection of control surfaces is drag-
inducing), I think it would probably be mathematically better to make
a sensible approach aiming for the runway threshold.

If I'm right, no competitor would be justified in doing low finishes
by the idea of flying an optimal finish. Their only justification
would be "showing off" or "having fun". Now who has got the knowledge
of physics to do the maths?