Aside from Mario Kart which is it's own quirky fun racer, the typical NFS/Ridge Racer/Burnout kind of fast paced arcadey racer died long time ago. Probably the 360/PS3 era was the last time there were tons of them. Games are too shallow. Fast paced fun, but no depth. It's got so bad EA doesn't even release an annual NFS game anymore.
Racing fans either do Mario Kart for wacky fun or GT, Forza, Assetto kinds of games for racers that are more sim. Even if someone adjusts the settings to be all out bumper car races, it still has real cars and decal. And thats what people like. Forza Horizon is a different animal as it's a weird combo of arcadey, sim with real cars and open world.
I dont think too many gamers want to race with Ms. Pac Man paint on their car.
As for Ace Combat. I dont think this series sells a ton, but not too many jet fighter games on console. It's basically Ace and some AA games that come out of nowhere sometimes like Sturmovik or those Midway 360 games.