Oh it is a curve, has to be. A car with 0 PP will have an infinite time , 100 PP may be five minutes. The other side even the most powerful PP cars will have a converging minimum time.Good graph, although it's not necessarily a power relationship. There's only a few points at the end that make it look that way, if those are outliers then it could just as easily be linear. Or it could be linear within each tyre type, and the different slopes make it look like a power curve.
Stunning work though, @Polsixe and @eran0004.
If I was Polyphony, I'd have an AI program to run something like this for every car, on every tyre type, for every combination of upgrades. We can see above that the correlation is pretty good, but there are definitely some cars that are significantly slower than their PP should seem to indicate. Being able to pick those out and hand tweak the PP would be very handy if you were Polyphony, and on a graph of every car in the game the outliers should stick out like a sore thumb.
Then there's the issue of cornering, which is trickier, but I definitely think that standing mile testing could be automated productively.
As long as they match a mathematical equation that is considered "linear".