The 427 big block Mk IV was designed and built in the US, run by Shelby-American, and the winning car was driven by AJ Foyt and Dan Gurney. People thought this was a bad idea as they were arch rivals and would compete or at least not cooperate. They'd try to beat each other's lap times and wear the car out. They'd blow the car up so they wouldn't have to deal with each other for 24 hours.
All wives tales - they got along fine, they worked out ways to conserve the brakes since the car was heavier than the Ferraris, and the car was so reliable it could handle anything. It led the entire race after the first hour and a half, and cruised in many laps ahead of the 2nd place Ferrari.
On the winners podium, Gurney got a wild hair and shook up the champagne and sprayed it all over everyone, which is where that tradition came from.
Side note - the safety re-design of the Mk IV Elva mentioned probably saved Mario Andretti's life, when he crashed badly in the Esses with only minor injuries.
Side note 2 - bump in the roof is the "Gurney bubble" as he was 6'-3" and his helmet wouldn't fit inside the roof.

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