It was first introduced in the 70s in the US in response to high oil prices, and only after road safety tests apparently demonstrated its safety. But since then there's been a fair amount of research indicating it increases accidents and pedestrian fatalities, amounting to somewhere under 100 deaths per year. The original studies were not large enough to detect the effect.
https://www.statisticsdonewrong.com/power.html#the-wrong-tur...