This is the sort of thing that sounds like it wouldn't work until you realize that it's literally Microsoft Flight Simulator, but with cars instead of planes.
Here's a fun fact about Flight Simulator. Years back I used to work in a computer store, and we'd do custom builds. My best sales, by far, were always to the smartly dressed guys in their late forties who came in looking for a gaming PC. You'd ask what kind of games they play, and they'd tell you "Just Flight Simulator." They really meant it. They were building a gaming rig for one game. And then they would drop the most heinous stack of cash to build a gaming rig that would make the gods weep in envy. Massive towers with double or triple GPU, maxed out RAM, best CPU on the market. Liquid cooled? Sure, fuck it, why not. Their parents built model trains. These guys had Flight Simulator.
As a franchise, that game has 22 million sales. The Forza franchise has 16 million.
All of which is to say that I do think there's a missed opportunity here. I hate racing games, but I'd play an open world driving game and I know at least one friend who would play it with me. Cruise down a mountainside in Italy, navigating hairpin bends with the hammer down and a beautiful sunset in the distance? Yeah, fuck it, sign me up.
