It is definitely true that low profile tires are more easily damaged by potholes and railroad tracks, and they are a LOT me expensive.
A friend (an old guy who does not drive very fast) told me that he needed new tires on his Benz S-Class after a mere 20K miles, and they cost at a discount place, over $250 each. Plus tax, installation, balancing and all the usual crap.
I have bought a good used Michelin for my 90 Mercedes 300D for $25 (balancing, tax and all) and driven it for over 30K.
That is a major difference.
The kids who put 22' tires on their Chevy Impalas and worse, pickup trucks, probably have all manner of problems.