I've never seen anyone who dips in real life, and can't imagine why anyone would want to. You get nothing from it. At least smoking makes you look bad ass.
It's pretty stupid, but it is nicotine. I personally have never done it (looks disgusting, preferred smoking), but knew
tons of people who did. It was also much easier to dip in school than to smoke. Some country folks see the same 'badass' look you say comes from smoking with dip.
I do not really remember a single party in high school where at some point some drunk kid got his beer and a dip can/bottle mixed up.