My first MTB had those. A late eighties Dawes Wildcat with Exage groupo. A year or so later the shape was less extreme and the year after that they were round again! They remained popular in the triathalon world for a bit as the leg action when using them is more akin to running. Seem to remember being told to rotate them clockwise by 90 degrees or something to ease pressure on the knees and make for a more efficient pedal action.