PC is shit for racing selection. The genre isn't dead, it's just on console.
Joshua Young
As cancer as ubisoft is, the Crew is pretty much the game you are looking for. I've heard decent things about the latest forza horizon too, but I haven't really played it since I lost interest in racing games when I discovered car mechanic autism simulators
Pure arcade games are absolutely dead though. RIP split/second
The problem with arcade racers is that it's a genre that's dismissed by big publishers as it's kinda niche now, yet generally not picked up by indies because it's a bit too much work. Real cars are a big draw, but indies can't afford the licenses.