Air races were very popular in the 1920s and 1930s. They were held all over the country. Aircraft manufacturers used them to demonstrate cutting-edge technology. The Supermarine seaplane racer eventually evolved into the Spitfire fighter plane of WWII. Jimmy Doolittle first became famous as a pilot in air races. New world speed records were regularly set at races.
And there were lots and lots of spectacular crashes, too.
After WWII, the Reno races started up again, but by that time, planes with cutting edge technology were setting new speed records in secrecy at Edwards Air Force Base in the middle of the desert. Air racing was never the same after that.