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That's because the colour got drawn as it was, with little lighting or shading finesse, and didn't fit the aesthetic that renderers had / needed back then.I can guess, and say it's to keep the lighting engine happy? Or if it's not that, maybe it's to bring in some custom paints with that feature. No idea really though.
They do say to not put deep black onto custom liveries because it will look trash in game, same goes for very white-white. But that was very old PC race-sims.
Similarly to the glitch black in GT5 etc., which was basically a total absence of interaction with the renderer, painting the void / null / default material onto the car instead of actual paint. It was a cool effect, but not at all attainable in real life.
As for the picker in Sport, the lack of a real black had irritated me and I was not aware of this glitch! There's no reason the renderer could not handle a proper black, not least because plenty of cars in the game already come in black!
I wonder if it was because they didn't want "redundant" shades of colours in the grid, that all basically look like black if you pick the darkest of them (especially on non-full-gamut displays, like most SDR TVs), ditto in the picker, where the very bottom of the window doesn't really give a particularly dark shade of any colour.