I think Wreckfest doesn’t quite have rubber banding.
What it has is an AI on the highest difficulty setting that prioritises hitting the human player at any cost.
So an AI will completely wipe out its own chances of a podium finish if it sees the chance to take you off the track.
Hopefully they find a bit more balance with that with their next game where they are still more aggressive against the human driver at the top level, but have some semblance of self preservation at the same time.
Kind of weird having them being so crazy near the player, but focused on racing clean with tight lines a few car lengths in front and behind.