I'd say the Touring Car variety is a bit weak. There are a ton of real-life TCR cars and they've appeared in games already with the Audi RS3 and the Volkswagen Golf in Grid with the Audi in a few others as well.
Yes. However, when you call it a Project CARS game, you tell the user that it's continuing the same philosophy from the previous game and that's Community Assisted Racing Simulation. Even though the first part of that had been reduced, the roots came from the community so it would still stand. Removing basic features that racing series are based on far removes that as well. The community will be annoyed when you removed features from a game.
For example, having the licensed IndyCar grid means nothing about simulating the Indy 500 if the maximum laps you can do is 99. I've done full Indy 500s with Elite Racing League on PCARS2 who moved to iRacing a while ago and had a ton of real-life IndyCar drivers in their races. I did an Indy 250 with a different league a few weeks ago. I've done races at Texas over 100 laps. And that's before we go into the lack of pitlane, tyre wear and fuel usage. If something as basic as that can't be done, then we're a long way away from the second PCARS in any way.
That's why people are insulted about this being a sequel. I couldn't care less about the "whatever they want to call it." It's about marketing line. If they said that "We have a new IP tailored to be a more fun title more akin to a Grid/Forza" then people would just question whether making a Grid clone makes sense rather than the removal of features in a sequel.
EA didn't call Need for Speed: Shift an Underground sequel to get people to buy a game they think would be like a sequel even though the devs could do it if they wanted.