Why?
edit: Your body also slows down its nutrient absorption rate during any exercise as it diverts blood to your extremities and core body functions. So digestion is more of a challenge.
Studies that show a drop in cardio performance from low-carb have been measuring in the adaptation period, before the body adapts to low-carb performance.
I can't remember the exact time period, but it only takes a few weeks to fully adapt to low/no carb diet where your body gets good at making energy from fat. The actual chemical process is really cool.
You definitely lose your ability to do high performance shorter events at the peak of your body's capability (5K/10K, etc.). It is simply a less efficient process of creating the primary fuel your cells use to do their thing.
https://www.theguardian.com/lifeandstyle/the-running-blog/20...
“If you’re going to run a marathon under two hours and 10 minutes, then yes, you probably need lots of carbohydrate to be able to perform to such an intense level of activity, but once you’re slower than two and a half hours, I’m not really convinced you do.”
Adaptation periods are probably 6 weeks, possibly longer to fully adapt, though adaptation appears progressive.
And training low-carb can have benefits even if racing carb-loaded.
There are lots of studies showing a performance decrease during within those early few weeks of the adapatation process, but they aren't really showing the fully adapted, optimized state.
However, when your glycogen stores are depleted, your body is more able to make effective use of consumed carbohydrates (storing them in muscles), so shortly after exercise is probably the best time to eat carbs.
But it's really easy to go overboard.