It was a Playstation exclusive and probably enjoyed peak popularity on the PS1 and PSP. I think Wipeout HD for PS3 is the best one, but it was almost definitely a fan service title.

Fast and Furious movies in the early 2000s made street racing and crash-based racing games more popular. So cross-platform games like the Burnout series succeeded, as did NFS:Most Wanted, where you had to outrun patrol cars in officially licensed supercars from Ferrari, McLaren etc.

On the underground side, NFS:Underground and the Midnight Club series were king.

Things moving too fast to sell DLC skins for them.

You joke but this is undoubtedly some exec's internal calculus when the topic of another Wipeout game is broached