I wrote about his already, and if you search, you may be able to find it, but the very brief version of wheel hop etc. is that the resilient parts of the suspension/driveline are allowed to compress, reach their limit, then bounce back, over and over and over. Locking them solidly in place removes the compression to their limit and the bounce-back, thus no hop. It also makes for a much harsher ride.
With tons of hp, such as the Top classes of drag racing, they get what is called the "shakes." which is this, on a faster level, using the resilience of the tires itself as the compressible medium. Very destructive, and also physically punishing for the driver.