They will probably not be able to compromise the fps as there seems to be an industrial requirement for it. I'm not going to tag PSVR as "bells and whistles" as this involves personal taste but could happily live without it if this means better car count, track detail, AI, or even livery editor...
The "industrial requirement" is stating 60FPS@1080p in the box.
In practice almost no resource demanding AAA game today achieves this on current and past generation consoles. They run almost always at 50FPS territory rather than at 60 (or in GT5's case with dips to 20 FPS in raining conditions), and with upscaling (GT5 runs at 1280x1080).
What I mean is, the requirement is to advertise the game as such. Nothing more. What sells resource heavy games are the graphics, alike having rain effects, but not how smoothly they actually run.
Some weeks ago I posted here a Digital Foundry video of DriveClub vs Project Cars on the PS4. DriveClub runs at perfectly steady 30FPS, and that is the first time I've seen a racing game run as steadily on consoles since maybe Super Mario Kart.
edit: as posted below, Forza on Xbox One already achieves this too.
But isn't the slow, laid-back attitude of these simulators exactly what appeals to the casual market at the moment? It surely can't be a coincidence that
Euro Truck Simulator 2 is the fourth best-selling "racing" game on Steam right after GTA V, Rocket League and some free-to-play title, with the player count keeping up with those games as well. While there's no doubt that excitement and action are appealing (GTA and Rocket League are full of those, which is why they're #1 and #3 respectively), there's demand for the calmer stuff as well. If PD want GTS to sell well, they need to strike a balance between the two to appeal to both styles of play.
ETS 2 is quite different than the GT series. ETS 2 is a driving game, whereas the GT series is about racing. They are different subgenres.
In ETS2's subgenre it's a positive thing that the game is relaxing yet engaging. It's about having a journey in an open world-ish environment, alike OutRun or going for a sunday drive in real life.
On the other hand, a racing game that's laid back has a huge design flaw, because the idea with those is to feel there's a speedy competition going. That very rarely happens in the PS3 GT games, and doesn't happen at all at the beginning of those. If you read the reviews of both GT5 and GT6 it's easy to tell they got bad scores (for an AAA game) mainly for being sterile and for the games' career modes starting out really slowly.
Listening to smooth jazz can work well when driving, but not when racing.
ETS' high praise and GT's quality demise show there's a market for relaxing driving games, but not for relaxing racing games.