@Hoobiechoobie
I think the current system is good. At least all the games I support with my Tool use similar system, so it seems to be the standard way of doing things.
I think key issue is the UDP connectivity, which can be unreliable, so if the data would be 'Events based', then if you miss one of those packets, your data would be out of sync. And also you would need to keep track of the events, if you are doing something more advanced with e.g. the race data.
As was already said, now we get to have up-to-date data of the game state, which nicely reduced the need to keep track of this data in the Tool. And that is what I like.
There could be more events sent by the game, but I think the current system is quite good.
Cheers.