Since they hurt so bad and we still wear them, I guess it's either a masochistic thing or a way to look more appealing to ourselves or to others.. It has become a "beauty standard" and I guess that's what the case was in China as well back then..

I have read about the Chinese foot binding and I find it cruel.. You are right, mothers used to do that to their daughters.. This process was originated among upper class court dancers. Still I have no clue on who had first this idea.. Maybe an emperor :P

Greeks on the other hand didn't suffer at all foot-wise. They used to wear sandals and Cothornus (platfrom sandals). I guess that's why ancient statues have the most incredibly aligned toes :)