I've never heard of anyone advocate for running low air in the tires for regular street use.
I do know plenty of people are clueless and think you should just air up to whatever it reads on the sidewall.
I know on a car if you don't know for whatever reason, changing wheels or such, old trick is chalk lines across the tread and up the side. Drive kind of hard with tight turns, if the chalk is worn off up into the sidewall increase pressure, if theres still chalk on the edge of the tread decrease pressure
Motorcycle shop dude did tell me that the whole "chicken strips' thing is often not from folks barely leaning in corners but from them running their tires too high.
I've got tires on some of my bikes that have such stuff sidewalls that without checking with a gauge you can be down to imperceptible pressure levels and not tell until going down the road, then it just feels a bit unsteady. I guess that's a good thing if I get a nail, but it means I gotta make sure I stay on top of maintenance.