This is WAY out of my league but here is a humble submission.
If peak Hp is what you are after, then reducing the inertia mass being spun at the rear wheel reduces the amount of torque required over time to spin the wheel. The inverse is that with the same amount of torque over time required on an already spinning wheel, then it makes sense that more Hp can be achieved.
This holds true only for an already spinning wheel and if the goal is peak Hp which is what you high speed freaks want (freaks is a positive term here, said with admiration).
If, however, you goal is stop light to stop light, muscle bike bursts from a dead stop, then it would make sense that the car tire would have the advantage due to the increased meat on the pavement. Torque is what matters here. Yes it requires more torque (force at a given distance from a pivot) to start the rotation due to more force required to overcome the inertia of the heavier wheel, however, the smaller lighter wheel is not able to transfer as much of the available torque to the pavement without breaking loose. Thus, it would seem that the heavier car tire setup may have the advantage in this scenario.
pardon my random ramblings...