That's not a fair comparison, it's more akin to Gran Turismo without being able to change your paint job. In which case, yes I would still buy and defend it. I can say this definitively because most PC racing sims have all the cars unlocked, a few liveries which you can't add to or get more, and no progression because there's no credits or whatever to earn like Gran Turismo as there's no need to buy cars. The "progression" is simply your stats screen of how many races you've entered, how many pole positions, fastest laps, wins etc.
For the record, I'm not defending the business practice itself just arguing against there being no value to the game because you can't unlock some shitty cosmetic skins, emotes or stickers that you'll never use anyway. Put it this way, when you go to the cinema do you go to enjoy the film or do you go just because they give you a sticker after the film? I going to assume they don't give you a sticker for attending the cinema but, if they did, would it really make it a better experience?