It’s a cooling tower not a chimney. Cold water is sprayed on pipes circulating warm water. The cold water evaporates and sucks heat out of the warm water.
Cooling towers have the hour glass shape because they need a large base to increase the surface area, wide base means lots of room for pipes and water spray.
They narrow at the top because of something called the venturi principle. As diameter of the pipe gets smaller the velocity increases. This helps suck out the steam to make room for more steam without having to pay for (as many) fans.
It’s also just a structurally strong shape
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