Performance cars and definitely race cars use a lot of negative camber because at high cornering forces you need it to actually have the full contact patch of the tire evenly touching the road surface for optimal grip and tire wear.

For "normal" driving, you don't really need it and it will cause the inside shoulder of the tire to wear faster.

A lot of people take it to extremes just for looks, which IMO is idiotic. Lowering a car too much also gives you/requires more negative camber. It ruins any performance the car had and yes will just eat through tires.