I just prefer the look of big balloon tires. Purely esthetics for me. Growing up my dad had his Toyota on 44s with 15” rims17", I don't think you can go down to a 16" and still clear the brakes, especially with stick on balancing weights on the inside of the rim. Aside from trying to get more tire sidewall for off-roading, why would you want to go down to a 16"?
70 sidewall profile on a 33" tire is pretty good balance between impact and handling. Maybe instead of a smaller wheel, what if you went up one tire size to a 285/75? That would give you about the same appearance and side wall as going down one rim size, but keeping the tire outer diameter the same.