State of Art

The Emacs C sources do come with the probably ugliest indentation style (as condemned by the Linux kernel coding style guide):

First off, I’d suggest printing out a copy of the GNU coding standards, and NOT read it. Burn them, it’s a great symbolic gesture.

The only reason I can think up justifying it is the vain attempt of making the code look vaguely Lisp-like. To understand the heavy macro abuse inflicted upon the codebase, one must read lisp.h thoroughly (which does unexpectedly have an explanation for it):

/* Some operations are so commonly executed that they are implemented
   as macros, not functions, because otherwise runtime performance would
   suffer too much when compiling with GCC without optimization.
   There's no need to inline everything, just the operations that
   would otherwise cause a serious performance problem.

   For each such operation OP, define a macro lisp_h_OP that contains
   the operation's implementation.  That way, OP can be implemented
   via a macro definition like this:

     #define OP(x) lisp_h_OP (x)

   and/or via a function definition like this:

     LISP_MACRO_DEFUN (OP, Lisp_Object, (Lisp_Object x), (x))

   which macro-expands to this:

     Lisp_Object (OP) (Lisp_Object x) { return lisp_h_OP (x); }

   without worrying about the implementations diverging, since
   lisp_h_OP defines the actual implementation.  The lisp_h_OP macros
   are intended to be private to this include file, and should not be
   used elsewhere.

   FIXME: Remove the lisp_h_OP macros, and define just the inline OP
   functions, once most developers have access to GCC 4.8 or later and
   can use "gcc -Og" to debug.  Maybe in the year 2016.  See
   Bug#11935.

   Commentary for these macros can be found near their corresponding
   functions, below.  */

As confirmed on emacs-devel, this is the current State of Art™ to ensure all developers using the unoptimized build do not have to endure an absolutely terrible user experience. Enduring absolutely terrible code is a small price to pay for not requiring a compiler with the -Og option or the willingness to have a development build ready.