Racing in VR is such a great experience, I'd love to see more of it. Simulation and arcade style. But you're right, we need one with a robust, slow paced progression system. I remember really enjoying unlocking everything in NFS Porsche Unleashed, going through the eras, starting slow but getting slowly faster. Then NFS Underground 2 came out and still stands alone as the best example of racing progression by a large margin. Then it's like the gameplay design has been going further back in time since then. I am using the same simple progression mechanics in new racers that I used in Sega GT 2002, and they were old then.

As to why, it feels like they don't have AAA budgets anymore. The high quality simulator games like the Dirt series have to spend their whole wad getting the physics and performance right, there's not much left for anything else, so it's just menus and a simple money system. That's just my guess, it could just be they need to hire a couple RPG designers among the gear head ones.