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According to the Wikipedia page (en.wikipedia.org/wiki/Bill_El...) there was a contest in which you could win a trip to the Daytona 500 - I suspect the jacket may be a consolation prize for that, especially since it's made in USA which is quite rare. but the entry form is blurry and I can't confirm!
You're right, this is one of the consolation prizes. I did a text search for Daytona 500 at @gamehistoryorg.bsky.social 's archives and found this ad from Computer Gaming World issue 80 which mentions the jacket.
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