Its amazing that one of my first racing games ever, super monaco gp (genesis), still has one of the best "careers/campaigns" ever. That game nailed all the stuff you mention AMD did an absolutely amazing job with progression. Basically (from memory possible influenced in a rose tinted way), you started the game and your first season of the gp with a very low ranked team. You had a slower car than most, your team scrapped together whatever they had, and the hope was you didnt finish last. Slowly, with a few 15th or 14th finish races, a slightly better team would offer you a job racing for them. This was the progression. Work your way from one team to the next by meeting realistic team goals. If you had a string of bad luck in races, youd get knocked back down the latter amd land with a wprse off team. The ultimate goal of coursr, was to land that position with "ferrari" and actually win a season, but that was a long road and many seasons away. One of the best things about this, other than a focus on racing and not 1st, was that it humanized the teams and made outside the race choices interesting. There were teams you liked, teams you hated. Teams that umderstood some times shit happens and always believed in you, and teams that would drop you for a single dissapointing result.
Are there any modern games that are structured more like this?