Did prohibition diminish drinking? You stop/reduce drag racing on the streets by providing a safe alternative on the track, drivers still die but I bet it is a lot less than if it was completely illegal to race. Folks are "generally" going to try and do it legally if there is an avenue. It sounds stupid, but take a 135 pilot and let him fly at 1000' over a stadium and he is the man for the day, tell him it is never possible and he tries it at 100' over the dessert drags a wingtip and cartwheels into a tent of civilians.
All pilots have some rebel spirit at some time in their lives, they need an outlet for it. Years of routine flying diminishes that outlet, trying to chase that original high. Unless you have the chance to switch airframes, go to WIC, TPS, then a flyby/airshow/demo might give you that release safely/legally. If not, then you get the "hold my beer, watch this sh|t" accident...
Also, just having that "demo" guy in the squadron might be enough for pilots to fly by the books to get a good reputation so that they can 1 day be "that guy". Some people need that pinnacle of the pyramid to aim for.