The thing that nobody seems to have mentioned, and probably the most vital part of any 'dynamic balancer' like dynabeads or balancing fluid is the tire has to be in contact with the road for it all to work. The heavy part of the tire will pull the tire UP off the road as it comes to the top of the rotation, this shakes the dynamic balancer DOWN towards the lighter side and balances the tire.
That's why you probably won't see it work on a balancing machine, they're too rigid and the balancing medium can't get moved where it needs to go.
Inertia, centripetal force, gyroscopic precession, suspension dynamics, et.c, et.c, et.c...