From wikipedia:
"The engine also saw extensive modification, with a stroke reduction bringing the BMW S70 V12 down to 5,990 cubic centimetres (366 cu in) in an attempt to prolong the life of the engines, while still maintaining the air restrictor-controlled 600 brake horsepower (447 kW). The stock gearbox was replaced with a new X-trac 6-speed sequential transmission.
A total of ten more GTRs were built, with none of the previous cars being upgraded to the 1997-spec. In order to be allowed to construct cars that were so radically different from the F1 road car, McLaren was forced to build production cars using the GTR '97's bodywork. These cars became known as the F1 GT, of which only three were built. The 1997-spec cars are commonly referred to as the "Long Tail" version due to their stretched bodywork, most noticeably in the rear.
At Le Mans 1997, the car reached 317 kilometres per hour (196.97 mph) on the Mulsanne straight. This was still slightly slower than some of the field (Porsche 911 GT1 Evo - 326 kilometres per hour (202.57 mph), Nissan R390 GT1 - 319 kilometres per hour (198.22 mph), TWR Porsche Joest LMP - 320 kilometres per hour (198.84 mph)."
This explains it might be a tad slower on top speed compared to a GT-one or other Le mans racers in the game, but a 7.1 speed parameter and a max speed of 295 an hour, doesn't reflect reality neither...
Many normal road cars surpass that top speed, so i think Turn 10 did a cockup there setting up the car.