Was it
R: Racing Evolution? The opponents had a bar above their cars showing the "heat/pressure", the longer you hang behind them, and trick them with overtaking maneuvers, the quicker the bar fills. Once filled to the max, the driver does a mistake, usually resulting going off the track.
The game had a really interesting gameplay. Even a story to go with. The game also used the chat system found in Ace Combat 4. Where at times, you could hear other drivers talk over the radio, mostly complaining about your performance.
It also featured a settings menu, where you could adjust everything from downforce, to suspension, brake balance, etc...You could also "evolve" your cars, as you could buy performance packs that made the car better.
The batch of cars was interesting too, it went from LMP, to Super GT, WRC, drag and classic cars. Even featured the monaco and suzuka. 👍
I really enjoy that game. Still have, and I still give it an occasional spin.
Not sure about this, but I think this was made by the same team who makes the Ridge Race series. This was their taking on real racing.
In my opinion, the best
"racing" game that I've seen in my generation.
...not to mention the super hot main characters!