Ok so what if it is arcade like? it has what most games dont have today: Longevity. I've been playing it for nigh on 20 hours and i STILL haven't gotten to the half-way mark. This game is literally huge.
So what if there is no car damage, look at GT3, arguably the most realistic driving game ever created. It had no damage in it. NFS:U2 still has very good car physics and a decent enough sense of speed.
Plus i have no idea what you have been playing, but not once has an AI car overtaken me when i was ahead unless i was either a: going slow, b: crashed or c: not had a decent enough car to do the race.
Anyway, opinions are just opinions and obviously you don't enjoy the mindless "acting like a chav building a car you'll never ever be able to get and racing it around a town with no consequences"