Also not a cyclist, but [1] is a good (and slightly comical) view of this technique.
In Sprint cycling, which is just three laps, it was found to be a good technique to stay behind the lead rider, because you have the advantage of surprise, and can draft[2] in the last lap, passing them at the last second.
This strategy evolved, and then you end up with two bicyclists jockeying for last place, with bicycles nearly standing still.