I believe GRID was the first game with this feature. It was so popular it's become common in a lot of racers though.
The problem with this though is Driveclub being heavily online centric around clubs as well as instant challenges for best drive, best corner exit, best top speed on a straight, cleanest lap, etc
A rewind function would be an antithesis of these challenges that can happen on the spot. Implementing such a function would mean people would game the system and rely on it for every screw up and thus a distinction between truly clean laps and those that used the rewind would be made.
Worse still it means a player isn't likely to learn from his mistakes if he relies on the rewind all the time and he doesn't need to worry about slowing down on the corner to smartly handle it in learning the track because that bail out button is there.
This sort of Racer doesn't need a rewind function.