There’s nothing new about flashy big rims with custom paint; Disteel (Detroit Pressed Steel Company) was offering them starting in 1917, as a stronger and visually more alluring alternative to the wooden artillery wheels then used almost universally.
They quickly became a hot fashion item.
Eventually the wide-spread adoption of wire wheels upended that fad, until standard pressed steel wheels pushed wire wheels out. And now alloy wheels have all but eliminated steel wheels except for some low end versions. One wonders how long steel wheels will still be used on new cars, given the current trend.