Arcade racers are a dying breed. The racing game genre as a whole is just not as popular as it used to be and developers do not like to take big risks with unknown concepts. As a results you get all these simulators that are similar to one another and just endless sequels of the "safe" arcade racers like NFS/The Crew/Forza Horizon. Car licenses cost money so when devs set out to make a game they wanna make sure it appeals to the broadest consumer base possible. As a result most games just end up "meh" without any innovation. Add in the exclusive preorder bonuses/MTX/DLC/grindfest/bugs from rushed development and the landscape looks even worse.
Having said that, the indie scene has given us some great arcade racers. They may have unlicensed cars and smaller in scope but no less fun to play. My only gripe is a lot of them seem to go the pixellated nostalgia route or a top down view. Lots of people like that but it would be nice to have a retro feeling game with modern graphics. IMO Driveclub on PS4 is one of the best arcade racer in years. Perfectly captures the old PS1 NFS feel but with astonishing graphics and weather effects. Killing Evo Studios is one of Sony's biggest mistake.
Anyway, other than the ones mentioned, here are some alternative arcade racers you can try:
Circuit Superstars
Classic Sport Driving
Dakar Desert Rally
Formula Retro Racing
Hot Lap League
Hotshot Racing
Inertial Drift
Karting Superstars
Lego 2K Drive
Slipstream
Trackmania
Trail Out
And a few pending release:
Classic Racers Elite
Hot Lap Racing
Japanese Drift Master
Over Jump Rally
Victory Heat Rally
Wreckreation
These all should be pretty recent racers but apologies if some of them are PS4 generation.
There's no shortage of racing games, they're just not AAA titles so might be rough around the edges. And if they all fail, no reason not to play oldie goodies. Burnout Paradise or NFS HP Remastered is still better than most new racers today