I agree. Not licensing your name and vehicles for use in a game simply because you cheated regulations is no way to attempt to get back in the public's good graces.
As for the Chevy/Holden SS controversy, that was the "official" explanation given, but there are at least two reasons I'm not buying it: One, multiple racing games for mobile platforms have added the 6th gen Camaro with SS badges and names (as opposed to the "Super Sport" cop out) intact
after FM6 was released and, second, NASCAR Heat Evolution has SS markings on the Chevrolets.
Not saying that Microsoft/T10/PG are liars, mind you, but the situation has a funny smell to it...