Overall, what was revealed seems pretty good at first glance. One of my biggest gripes with Horizon 5 was the lack of progression, so it's good to see them take it head on. However, I'm afraid they seem to have gone a bit too far with it.
I think it's good that they're experimenting with different ways to incentivize better driver with the "CarPG" levelling system. However, this just makes the game turn into a big of a grindfest, like most MMORPGs. At the end of the stream, they had confirmed that duplicate cars will start at level 1, meaning you will have to level them up again if you want to have the same car with different parts. Could they not have found a different name for Car Points so they can have a different abbreviation lol?
I am most intrigued by their updates to AI. They say the new AI no longer cheats or rubberbands which is good to hear. However, they didn't show or explain any of the specifics, like how well it performs in wheel to wheel racing, such as cleanly overtaking and defending. If they can get to similar capabilities to Gran Turismo's Sophy AI, then that would be a massive step forward.
But other than that, their emphasis on the "level, build, dominate" gameplay loop is essentially the same as any other game, nothing groundbreaking. In addition, their emphasis on "building a relationship with your car" is just plain weird.