This is the game now right? https://www.nicalis.com/games/90ssupergp for Switch/PS4/Steam.
While I don't think it'll be anywhere as big as Ridge Racer 8 because it's not going to have the same level of budget, marketing as well as the name brand. I think it'll still have a little success as it's lot less realistic and more fantasy style/bright and colourful than Ridge Racer which appeals to me more as someone not big into realistic style games. Also it'll probably be cheaper too to help it sales.