Whats so special about that. If I see an old car I like on the road I always give a thumbs up. (Maybe not the queens wave LOL.)
It is a tradition that goes back to the fifties. It's been "tongue in cheek" for some to say that it's part of necessary Corvette etiquette and that new owners need to be trained. Like a lot of things, some guys take it way too serious and get their pussy hurt if you don't wave.
Myself, I always thought it was fun and again... Tongue in cheek... I would tell anyone that was riding in my Corvette that it was "the law" and you were required to wave and wear the proper sunglasses.
I never took Corvette ownership very serious.... I owned a couple Corvette tee shirts but never bought Corvette socks..