It has a lot more to do with historical post WW2 urban planning models which were designed to make room for increasing household car ownership, which did happen over the decades as public transportation systems were either dismantled or never built in the first place.
Consumers of the time readily bought into that model. We are only reevaluating it today in light of its failure modes.
That rule was dumb and unnecessary, but was also not a "pointless regulation", it was not "regulatory capture" by the Big Driveway Cartel, and it definitely wasn't a response to a legitimate need for more parking (again, super wide streets that sat empty). It was just a reflection of the deeply held convictions of an extraordinarily parochial population.
Problem is, that person doesn't exist in most places where required.
And so it's just required now.