I have been forever confused about political ideologies but things started to make better sense for me when I started looking at the political spectrum in a multivariate way (i.e. not just a two variable/axis overton window). I think the "wrapping at the ends" happens because they are missing a variable to measure and with the limited (and not adequate) variables it appears to be the same at the extremes. Here are some examples of variables: collectivism vs private ownership, socialism vs capitalism, freedom vs authority, etc.

Politics is a matter of cycles, mostly

Offer and demand, or put differently;

Hard times create strong men,

Strong men create good times,

Good times create weak men,

Weak men create hard times.

...

Take anti immigration parties for instance, they wouldn't score if there weren't issues with immigration, there wouldn't be a need for those anti immigration parties without those issues

Take blue collar workers, the harshness of their working conditions was the breading ground for marxist movements. But once these working conditions/wages improve significantly, when blue collar workers become white collar or when their children become white collar... They start to vote differently for the most part, the ranks of the parties defending blue collar workers' interests start to shrink, naturally

When the system serves the interests of a few at the expense of everybody else, at some point, anarchism tend to become a common ground for the majority, because everybody start to have an interest on bringing down the existing order, entirely, and start over