Easy answer - kamis have found they work the best.
Long answer - the makeup of the steel is such that it gives the required properties needed for a heavy chopping blade (mainly strength, think about what the spring is designed to do in a car). This is a fairly complex issue and a lot of reading would be required in order to fully understand the benefits the exact makeup of the steel. What each element in the steel does and what amount of each would give the desired maximum performance. A lot of it is still trial and error even by long time knife makers.
Joe's FAQS (linked on this site) are an excellent source for information on steels plus they contain many links for all the information you would ever need.
Coronach, actually 5160 is a good big blade steel for any big knife. In fact Greco uses it in his big knives also. It's very tough and holds a very good edge. Car springs just happen to be good flat stock that is easy to come by.
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