Yeah the silly things like infinite momentum engines or engines which have been around to run on water since 1898 are the silly conspiracy theories but you would have to be silly to not think big business buy up and shelve things purely cause they would hurt your current product sales and its cheaper to buy up the money saving tech and then release it decades later.
A design which saved 20% tyre wear would badly hurt the tyre industry and they would lose a significant proportion of their annual tyre sales. That is much more believable.
Why?
They could buy it and market it themselves as the flagship tire model, at a premium price, so they could balance out any losses on volume via the increased price premium. Let alone that they'd destroy the competition so they would gain market share that'd more than make up for lower sales volume due to higher durability of the product.
This just doesn't stack up as a business strategy. It's more likely that there were other technical/manufacturing/cost issues that made this not practical for mass production at the time.