A typical low-budget commerical quality computer game costs around $1 million and takes two years to create. Getting an F1 license is a practical impossibility.
I'm the owner a somewhat experienced games company called Quasit-Rushyo Games. We're capable of writing games such as the one you propose as capably as any other games development studio. I also co-exec a company called Exterminate Studio which is looking at developing a retail commerical video game in the future.
I don't want to dampen your spirits but every year there is someone who goes around the web posting that they've got plans to develop an F1 game and then gives up. The primary reason is most of them don't even know any programmers, a big problem. Secondarily, they don't realise its impossible to get the FIA license. An exclusive contract has been signed and getting the game published by that company would be almost impossible (they have in-house development teams that they would much rather trust with such a project). Thirdly, almost all have no DirectX experience or rely on the skills of one DirectX programmer to see the project through. This, whilst not fundamentally bad, leads to very long development times. The longer the development time and the less people are doing, the more chance of a breakup.
There are exceptions. Some just hijack other people's code, make up false release dates and are, in fact, a bunch of children... *cough*GPRM/F1CM*cough*.
Others show great prototypes, then real life gets in the way. It has a habit of doing that.
But the primary reason is money. If you want to hire staff, you need hundreds of thousands. If you want to buy an engine to do it with minimal unpaid staff, you need hundreds of thousands. If you want to do it with minimal unpaid staff over a long period, you need a miracle because people have lives to worry about.
If you really want to see your dream game developed there's only one way to do it: Go to university, get a games programming degree and start your own business.