Most of my favorites have been named (Virtua Racing, Outrun 2/2006, F Zero X, Beetle Adventure, Rush 2049, Stunt Car Racer, Choro Q 3, etc.) already. One I'd like to add is Crash 'n Burn (3D0). It has combat aspects but in the context of a race. Really fun and underrated game.
I'd like to also shout out to a couple that I found to be really fun even though some may question their quality compared to high-profile racers: Rocket Coaster (Laseractive) and Club Drive (Jaguar). Rocket Coaster is super simplistic, and Club Drive is super glitchy, but I love them both.