Yep, that was a rip off which is probably why it didn't sell that well.
I think it is kind of weird to expect a major difference in sequentially released sim games on a given platform for two reasons. First, they are mostly representing real tracks, which if captured properly would not change much between iterations unless a new configuration of the track was made in real life. Furthermore, it is expensive as hell to laser scan tracks so I cannot imagine it is something that is done each time a new release comes out. Rather, I'd imagine they use old data until it becomes obvious that it needs to be updated. Second, despite what some people tend to think, when you work with fixed hardware, especially when operating at 60 fps, graphics are not going to improve a whole lot when using the same console because performance does not randomly increase. Sure, there are some optimizations, but the general power level of a console will not change.