I have seen pictures of tribesmen with flaccid penises nearly dragging on the ground, but I’ve also seen people with giant saucers in their lower lips. I think that sort of think should be considered “body mod” as opposed to PE. I think they must have hung excessive weight without sufficient recovery time over a period of years. If you lift weights carefully with good form and proper recovery periods you can increase the strength and endurance of your muscles without injury, reduction in range of motion, etc. If you do them incorrectly and never rest you can injure yourself, reduce your range of motion and generally damage yourself.
I think the arguement that “people have become impotent by hanging massive weight on their penises, therefore, PE is unhealthy,” is pretty similar to those coaches who used to think weightlifting would inevitably make you tense, tight and “muscle bound.”