I think some of the earlier posts have gotten the gist of it – a mechanics-heavy game focusing upon the player’s actions in the sporting event would be rather clunky, and a more narratively-driven one focusing on “behind the scenes” stuff with determined sporting event scenes would probably be feasible. While a management game can be pretty exciting – I know I’ve put enough hours into Motorsport Manager – the amount of stuff to be covered in such a game, I think, is a bit too much to code or cover.
A sports game might also run the risk of having too many characters to have to keep track of (especially team games, or those over multiple seasons), which can hamper their development and player attachment. Another downside might be each sporting event feeling a bit too “samey” to non-fans, so you’d need to make sure each one is clearly distinct. And there’s also the issue of making sure non-fans understand what’s going on, while being accurate enough for fans to not take issue.
I would like to see an F1-inspired game though, come to think of it. It’s certainly had a load of strange things occurring in races that would be ample fodder for switching things up and would artificially explain why certain races are such high stakes. I think it would have to be largely restrained to one or two seasons in detail (probably with a flashback to Not!F2/Karting), though, and probably to one team, so that you could develop the Team Principal and Engineers as characters. You could still have politics and driver rivalries, though.