Arcade racing games in Japan are still like this. The current peak IMHO is Initial D The Arcade. You can advance in single player, race locally or online for points, and there are monthly challenges to compete in (for example time trial on a specific track), and there are seasons with new tracks and races added. Of course you can collect and upgrade cars over time, and keep them in a garage. The racing has severe rubber banding, but it's upfront about it (there's an on-screen indicator for it), and it is turned off for the last part of a race. So it's still fun for both beginners and experts.

It costs about ¥1500/hour to play, or much less if you spend most of your time in local races and are above average. Not exactly cheap but certainly cheaper than playing multiple different games in the same arcade. However, It's really easy to sit down and realise you've been playing for 2+ hours.