The newest MT-82 and the new 10R80 have 4.24 and 4.69 first gears, respectively. With the Performance 3.73 gearset, that gives starting line ratios of 15.815 and 17.494. Underrated 460hp. Howzcum our steep first gears are useless, but them new cars ain't? 2018 Mustang weighs same as 1969 FE Torino.
So, I'd have to dig into all the parts of those cars, but overall
Drag racing - although not specifically built for drag racing, the engines pull 7500 rpm, so if the gears are steep, you don't have to pull the next one immediately, if you do, it's a 10 speed and has lots of intermediate shifts done by solenoid actuation not valve body, so happens pretty quick, and last, there is nothing loose about a modern converter. My hunch is the converter has a very low stall speed and they make it up with gear
Street driving - lots of gears that shift a lot LOL, same tight converter and separate intake and exhaust cams that allow changing of the valve events significantly for load and RPM so you can have an engine tuned for a WAY tall top gear while still letting it rev for a short gear
My wife drives a Cherokee with an 8 or 10 speed, I forget, and it's pretty slick. My daughter bought a new Wrangler (Jeep type Jeep) One year newer, same engine, 5 speed AT, it's a pig compared to the Cherokee. 30+ highway vs 19 highway, 24 mpg in town vs 16, and it'll eat it's junch in a drag race. If that Jeep dropped to 3 gears, it'd be even worse
How come really fast drag cars sometimes use a two speed tranny with a 1.82 first gear?
Purpose built, loose converter, light car, lots of RPM, and very unique applications. You won't see many big bodied girls hanging the hoops with Powerglides
But I see you answered yourself

I am not saying an always or never, but as a rule of thumb, the right ratios are right. I just don't see a lot of right with the narrow boxes in big block applications. AT, different story, but if you had more gears to choose, I'd likely change my mind because you could shift quickly and leave her screaming