F1 is a sport which is full of regulations designed to keep the speed down, and designers who try to overcome the restrictions.
Lower profile tyres can provide higher grip, but the biggest reason to have them is to enable a larger brake disc to fit inside the wheel.
Extreme low profile tyres are just a fashion accessory and make driving horrible. Look at the new Mini rally cars. They use something like 195/65 tyres. One of the best handling saloon cars was the Mk1 BMW M3. It had 175/70s
Bit I’m finding this season dull. If you watch the race, you’ve got absolutely no idea who’s doing well or badly until the last 10 or so laps afrter the tyre strataegy’s played out, and then it’s just a slithery procession to the flag.