I feel like everyone here doesn't understand this at all. Or everyone saying it's stupid is a bunch of friends. It's probably both of those things actually.
Some people over at r/dogecoin saw that a NASCAR driver needed a sponsor. They decided to sponsor him so he could race. This worked out great for everyone involved. They were pretty much the main sponsor so they got to be the cars main decal. Now that driver get's to race and dogecoin gets more publicity.
I don't really see the problem except for people being whiny bitches. I don't recall a bunch of people on here crying when they sponsored that Jamaican bobsled team.
I understand. It's tough getting people to sponsor you. Over my four years of owning a race car, I only had six sponsors, Time Warner Cable, Hippos, my dentist, a local vet clinic, NYSSCA and my friend's auto shop. It's tough for a small race team to get sponsors and I sure as hell wouldn't pass up free money just for slapping a sticker on my car.