Ray tracing in a racing game will be a game changer. There is no better genre to show off the tech.
It won't for simple reason. Most of features of raytracing that made it look so good already got emulated in current reprojection methods.
The biggest change raytracing brings to picture is materials that properly defract and interact with light. Which is what gives you leather like look, metalic etc. That aspect is almost completely emulated now with advent of PBR rendering and it is reason why people struggle to see difference between RTX on and off.
The other avenue that raytracing might bring that could make our eyes pop is dynamic lighting. Only in raytracking it is possible to have 1000s of dynamic lights compared to something like 9-10 for current generation games. But hardware is simply not there to run it fast and it won't be for next few years.
All others like reflections are something that can be easily made into fakes that can trick our brains to think they are correct.
Reprojection method games use today is basically already 92% correct and with each advancement it gets closer and closer to raytracing.
Current games look much better than CGI cinematics that were raytraced from games released years ago.
They had this planned since 2011, they even gave us a teaser back then

This is the same model they use right now in Forza Motorsport 7 since Forza Motorsport 5 but with ray tracing
that is autovista model which is already used in games. Games load up better looking asset and changes lighting to higher res.
IT does not use raytracking. Everything you see here is just normal rendering.
But you are still right. Car games are best place to show graphics.