I'll give it a shot.  Just an educated guess -- but I figger it's same
reason cowboys gussied up their saddles with conchos or sewed fringe
to the sleeves of their buckskin jackets -- to fancy themselves up a
bit and stand out from the crowd.  Kind of a frontier fashion
statement, back in the day.

I'm thinkin' tassels are probly a throwback to that, as well as when
they're whippin' in the wind, they kind of exagerrate the feeling of
motion, sort of like a galloping horse's mane.  To further the
association, notice how you still hear the phrase "iron horse"
occasionally to  refer to motorcycles.

I had 'em on my bicycle when I was a kid (along with clothespinned
playing cards on the forks to approximate motorcycle noises when the
spokes riffled them).  In my own mind, I was the epitome of cool (!)

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