IMO the biggest problem with racing games is how all of the big, non-niche ones like Forza, The Crew and now Gran Turismo have embraced timegating to the fullest.
You can't play multiple games anymore. You need to sell your soul to a particular franchise. A videogame now is like a kid, a girlfriend, even your job. That's really wrong. In GT7 they basically copied the worst things about FM7 and Forza Horizon from 3 onwards, which is an ironic twist.
The impact of microtransactions will depend on how difficult it is to grind, but Sony is nuts to go with these prices. Gran Turismo no longer has the popularity cushion it did years ago. The game has become difficult, niche, and the casuals all went to Forza Horizon (which is what's been killing Motorsport BTW). Steep prices will certainly attract bad press and make it all too easy for Microsoft to sweep in and say "hey, we're the good guys, no MTX in our game!", despite about 20% of FH4's car list being timegated exclusives, many of which very expensive in the AH.
But there's actually a pretty high chance of this move being successful. Because gaming today is full of fat whales with nothing to spend money on. And if it is, Microsoft will do the same with Forza Motorsport, as they did back in 2017. The only reason the lootboxes in FM7 weren't monetized was because of backlash against Star Wars Battlefront II. Alan Hartman, head of Turn 10, publicly expressed his wish to reintroduce Tokens to the game, and only the fans' criticism forced him to back off.