Damn, I remember seeing this video years ago and was excited to play, but it never came out. The game looks like it was well polished, even if not complete.
There's this doc if you're interested watching:
Hopefully the dev (Pelican13) makes another one just like this because there isn't anything quite like it on modern consoles.
Yes, there is Hotshot Racing although that's more of a Virtua Racing/Daytona U.S.A. clone and Horizon Chase was an OutRun clone, yeah, but this looks much more faithful and enjoyable than HC.