Had a better look under the back end of a Prius recently, and I don't believe the *inside* surfaces of the fences are particularly functional: the rear axle beam extends down as low as the base of the fences. So any air interacting with those inside surfaces is going to be turbulent.
You can actually see this in the photo of the caribou, above. It's not a trick of the camera angle - the bottom of the rear axle is as low as the bottom of the fences.
I still think the *outside* surfaces work as boat tails for the rear wheels though - I'm not saying they're useless appendages....