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Because it was a novelty having loads of different cars to drive and quite some race tracks back when the first one was released.

Nowadays GT has a lot more competition, games that in general have better physics despite not having that many cars, like Project CARS and Assetto Corsa, the latter which will release on both PS4 and Xbone next year.

A new GT will have to pick up a lot of steam if it wants to compete with the likes of these new race car simulators, not just in having a lot of cars, but also refine the gameplay in itself.