The Deck of Many Things has appeared in every edition of D&D so far, and while the exacting particulars have varied, the overall feel of the deck has remained consistent: the rules for how to draw cards, what the cards do, and when and where those effects happen (often immediately and in the presence of the card-drawer) are fairly similar across nearly 50 years since its first appearance in Greyhawk (1975), but never does the Deck of Many Things explain itself as an item - why does the deck exist, and why do these cards have these effects?
Is the Deck based on a real life equivalent? It calls out the usage of a Tarot deck for some later editions, but as I understand it, a deck of Tarot or Tarock cards were historically performing the same function as a deck of playing cards today: they were utilized in an established card game, not as a mystical or "magick" tool. Indeed, when Tarot cards are utilized for fortune-telling in fiction (or if you've ever had a tarot reading) the fortune-telling is never as immediate as what the Deck does.
Of course, this makes some sense for a fortune-teller: if the fortune teller were predicting a massive windfall (or a massive personal loss) for the customer that occurred starting right now, it would be much easier for the customer to identify the fortune-teller as a charlatan, a rogue, a scoundrel who is using the fear of future uncertainty to make money.
Fortune-telling itself usually relies on the vague interpretation of prediction, as well as some psychological elements of fear, uncertainty, and a lack of control... but the Deck, in many ways, does the opposite: it gives the creature control over the Deck, it gives the creature exacting certainty in its outcomes, and not a single card in the original causes fear of any kind. Moreover, the original Deck of Many Things has proportionally far more positive outcomes than negative outcomes (five negative outcomes out of a total of eighteen possible outcomes), making the Deck potentially a risky, but very "fun" element of the game, but also very different from a Tarot fortune-telling, where the cards have a roughly 50/50 chance of telling a good or bad fortune upon each draw. [Granted, the Deck itself claims to have a 50/50 split of good and bad outcomes, but this just doesn't square with the effects of the deck and the gameplay of D&D. Certainly, as the game evolved, this discrepancy almost certainly was noticed but not meaningfully corrected, which means that at some internal level, the Deck is operating as intended.]
So, why does the Deck of Many Things operate as it does? Is there a culturally relevant reason or reasons coming from fiction or real life that Gary Gygax or Rob Kuntz (or Dave Arneson or David Megarry or others that they were playing with those proto-D&D rules in 1972-4) may have had to create the Deck as such a potent, immediate, and yet somewhat controlled type of item? Is it even truly connected to Tarot in any meaningful way, or is the later cribbing of Tarot cards for use with the Deck a kind of appropriation for game purposes?