Guyt x, You can't compare an American engine to an European, they both have a totally different history. American engines are big, because America is a relative new country, with enough space, the roads are made for big cars with big engines, to drive nice and smooth to your destination.
European cars are smaller because European roads are older and smaller, so European cars are smaller to, and a small car only needs a small engine.
So American cars always have been big and they still are, and who cares, they have to travel long distances petrol costs almost nothing so why wouldn't you put a big V8 in it? If I would live in a country like that I would buy a V8 engined car too. A V8 engined car is much more relaxed to drive.
But in Europe a V8 engined car is not very practical, it's to expencive and to big for a small car, thats why only expencive big cars like BMW, MB and Jaguar are using such engines, owners who can afford one, can afford the petrol also.
Racing is life, anything that happens before or after is just waiting.