If a car is new or has a new engine fitted, you should not rev it too much until the engine had been run for maybe one or two thousand miles.
The engine components in contact with one another (bearing surfaces, pistons) must be �run in� after assembly in a new engine.
If you thrash a new engine it won't last as long as one that has been carefully run in.
It was also a courtesy to indicate that you were force to drive gently and invite someone to pass. A courtesy that is also perhaps a thing of the past!
older cars sometimes having a replacement engine fitted displayed the ' please pass' sign as a courtessy to other motorists. due to technology now this is rarely the case. it might be a classic car owner that would display it having had an engine rebuild.
It's still the norm on performance motorcycles, but having said that the last one I had new could do over the speed limit without going past the recommended rev limits.