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Found this explanation on the webz. Not saying they're 100% but makes sense to me!
80's lo-pros (also known as funny bikes) had a top tube that sloped down from the seat post to the head tube, so the head tube is tiny. Ie if you are going to be very low you don't need a tall head tube to raise the handle bars if they are going to be set low.
This idea was taken to extremes by mounting the bars onto the crown of the forks (yuk!!?!?!) doing away with a stem altogether.Common for this time too was the use of a 650 c wheel in the front, again to lower the profile of the nose end of the bike.
Roll on a decade or so and the low profile concept evolved. (I believe by this time small wheels were banned from competition). frames were built with a horizontal top tube, but were greatly undersized, again leaving you with a very short head tube. To make up for the huge amount of seat post on display people started exploring the idea of areo posts.
http://www.movingtargetzine.com/forum/discussion/436/low-pro-or-not-low-pro-that-is-the-question/p1
Lo pro???