tight trucks is better for doing straight gaps, skating plazas where you you just go in completely straight lines. flip tricks, technical, like honestly 90% of what most try hard kids actually do. going down drops, you definintely want tighter, higher trucks to avoid wheelbite.
The advantage of loose trucks is for grinds. you can be way more precise with your angle when you roll up to something. also if your rotation doesnt come completely around, you can save it way easier on loose trucks because you can steer out.
my opinion is that loose trucks looks way better when you see it on a video and i think a lot of people agree with me. people who watch more street league / freestyle stuff, who care more about difficulty of the tricks than the style, probably dont notice the difference and would just rather see harder tricks than surfy looking stuff that is easier.