When I was in the military I remember being told that the Army had done research and determined that yellow and black had the greatest contrast and was most easily seen by the human eye. The yellow was originally a color popular in the late 1960's on Chevrolet Camaro's which I liked. The black hood came from copying WW 2 fighter planes that painted the area in front of the cockpit black to prevent sun glare from reflecting in the pilots eyes.
Describing why yellow was chosen, Frellsen recounts 'The yellow and black paint scheme came about out a desire to make the race car stand out in a crowded pack of cars.