You're right. That doesn't look like a pinch. I'd say the suspension wallowing too much is more likely the culprit. But I wonder also about the pressure gauge. I used to autocross on 70 and 60 series tires back in the day, and never had to go over 40 psi to keep from rolling onto the sidewalls. And that was on a 1978 Fiesta, which had much more unfavorable suspension geometry. I know we were doing an oil change ministry last weekend and one of the guys brought a fancy new digital tire gauge. He went around telling everybody that they had filled the tires too much because he was getting readings of 37 when it should have been 32. But every other tire gauge there, whether the stick kind or the racing gauge with pressure release button were all getting the same-32psi. So it can happen.