I study, collect and refurbish wheels for 10+ years or so for now. Here are my observations from a European point of view
Ugly: Lack of imagination (in example generic 5 spoke wheel delivered on a 4 stud PCD, low functionality ( brake cooling, weight, aero), low quality cheap castings/manufacturing process)
Cool: unusual/creative stuff (in example Citroen SM resin wheels, Corvette Salad Shooters, Ford ATS double 3 spokes, Mitsubishi Starion/Celica Supra style wheels) or high quality stuff ( forged aluminium/cast magnesium, multipiece, functional aero/weight, timeless feel, good fitment for the car from factory - in example Mazdaspeed MS02, AMG Aero, OEM delivered BBS RZ/RG/RM/RS, Porsche - Cookie Cutter, D90, C2, BMW Parallel...)
It's irrational to judge steelies, they are a cheap tire carrier and nothing more. There are some cool steel wheels like
- 70's - Ford Capri wheels, Kadett C/Manta, Ascona wheels, CMR or Fergat wheels deliever on Italian cars etc,
- 80's - VW G60 15" wheels, Mattig SSF (aftermarket), Mangels Triangolo (aftermarket)
- 90's - Lemmerz Opel wheels, Fiat Barchetta steelies, Subaru steelies, Michelin Peugeot 106 Rallye wheels
On the other hand 70's to 90's had some great OEM delivered cast or forged aluminium or magnesium wheels like:
-70's - Fuchs ( Porsche, Mercedes-Benz Barock, Kadett C GTE), Cromodora and Campagnolo on most Italian cars, Minilite and derivatives (on UK cars and others)
- 80's and 90's -ATS, Ronal, Speedline, OZ and BBS were delivered on various cars from factory here. In Japan Enkei did some really cool stuff too. AMG had "Penta" wheels made by ATS, Ronal and Atiwe at the same time before the AMG/MB merger.
Although some of the stuff here is considered to be dealer option, most of the cars were delivered new like that at the time. It was probably a lot more popular to outsource the wheels from a reputable company than it is now.
In the late 90s or 00's+ only the very top end got stuff like BBS or OZ splits (ie. top end Porsches - BBS Rennsport or Speedline Mariani splits), or some limited runs of regular cars (Audi C6 Speedline splits, Mini R98 BBS webspoke splits, Golf III 20 Jahre Edition BBS RS722 Splits, BBS Bugatti BMW splits, Speedline on Clio Williams and various Alfa Romeo cars etc.)BMW M division did some cool stuff like M System I and II turbine/throwing star wheels with detachable covers (early version were Forged).
Most less expensive cars got wheels that would appeal to a certain type of buyer that is not interested in wheels so much. He is happy as long they are nice, simple and shiny. Problem is, this is now applicable to most cars and buyers on the market. I haven't seen anything remotely creative or cool that is high quality and well made on a regular car for the last 15 years of production. For sure that's the worst period for me.