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Drifting was originally started in Japan as a racing skill on crooked mountain roads. It was actually faster to slide the car around & keep your momentum & RPMs up than slow down with the breaks to keep a firm grip around each curve & take some much time speeding back up. (basically, don't hold me to it word for word)
The drifting sport today, is about showing your skill to control the drift for sustained amounts of time, not about getting from A to B the fastest.
Todays Japanese drifting competitions are more precision driving based where as American drifting competitions are more big power, big smoke based.
Think of drifting like skate boarding, it takes a lot of skill to do it & although the basic maneuvers are the same, nobody does them exactly the same so it's a reflection of the individual & individualistic based sports are always popular with the younger crowd that is constantly hungry for anything that promotes individualism during there own search for them selfs.
Well, that & its just really fun to slide a car sideways & make lots noise & smoke & best of all know your parents absolutely hate it.