Movies based in games for the most part have been terrible, still we got Sonic, Detective Pikachu and a few others that were great. We also had some fun ones even if bad like Mortal Kombat.
So the reason GT movie could be bad (or unnecessary) would have more to do with being based on a game than being a racing movie from your own admission =p (which isn't wrong by the way). I hope it ends up being great, but yes the stakes are against it. At least Sony started well with Uncharted, let's see TLOU and pray they don't destroy it.
I actually have somewhat high hopes for TLoU, it seems solid and I love the two leads they got! Sony are in a great position with their influence in film, so many amazing IPs to choose from.