I would say it's part of the US culture. It's not a thing in Europe (one reason might be practical reasons. We have less space to do it safely).
Peak European comment
There are many airshows in Europe, including the world’s largest military airshow (RIAT in the UK).
UK list, for example: https://www.air-shows.org.uk/2025/04/uk-airshow-calendar-202...
Rest of Europe: https://www.air-shows.org.uk/2025/04/european-airshow-calend...
It has absolutely been a thing in Europe and there have been numerous accidents involving Russian and European aircraft at events like the Paris Airshow.
Of course we have airshows and dedicated teams for that.
There are the patrouille Suisse, patrouille de France, Frecce Tricolori...
After the Ramstein Air Base disaster security was tightened a lot though.