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Those would be a set of caltrac's traction bars, they prevent wheel hop and attempt to keep your tires firmly planted to the pavement increasing traction
Well it is both, you will mainly find them on strip vehicles because of the added traction, reduced axel wrap and wheel hop, on the street though, with some higher hp mods, you also would want them just so you can hit the gas harder and gain some extra traction. It wont stop wheel spin, but it will reduce it.