The black & white photo is a 1975 Warn Winch ad, supposedly of Black Bear Road above Telluride, Colorado. There really is such a road — for Jeeps only, one-way (i.e., down) — which apparently is popular with off-roaders (until they go off the road).
I don’t know if the ad photo is fake, but real photos of the actual road (in color) look intimidating enough. And, yes, some people go off the road. Note the absence of guardrails.
You couldn’t pay me enough to go down this road in a Jeep, by mule, or on foot. I’m not that crazy. But if you want to do it virtually, there’s a video here (and watch Part 2 here).