The last 5% will cost 95% of the money, as with anything.
Yes the feeling and even smell of the race track, that's beyond emulation. Had a GSXR600 a long time ago, after a CBR250RR. went to the track a number of times.. Scraping my knee on Philip Island doing 180km/h, starting to have the rear slide out and catching it by only gently rolling off (#1) the throttle ... the sheer thrill of the realisation that I mastered my fear of death... Impossible to put into words, and definitely impossible simulate.
Yet, this is all we have for the time being. A number of high profile drivers were already using the laser scanned tracks and iRacing to practice their race craft prior to races. They've spent a lot of time customising their rigs and settings to their exact preferences, I'm sure this also becomes a factor.
VR is also getting better, although FOV is a limiting factor we're only just starting to improve on. (I've only tried Lenovo Explorer, immersion is amazing but struggle to see the other guys.)
With the increased attention, this is a huge opportunity for growth in the sector. One thing is for sure: ESports will never be the same.
#1) the more natural untrained instinct to chop it would have caused a high side which at that speed would very likely have killed me