For the Icons, I guess it's related to image rights in terms of how they appear. My partner saw Villeneuve in the Driver Market and asked who the saggy **bleep** was so i'd not be best pleased with my representation in the game if I was him! I think the biggest problem I had with the icons where when I did a 10 year sim, it contained them all being replaced by F2 drivers. Like Williams dropped Hakkinen for Crawford, Red Bull dropped Schumacher for Barnard, Senna was thrown out of McLaren so that they could enjoy the wonderful driving skills.... of Villagomez. If I was doing an actual grind of playing the races and I go from a season going wheel-to-wheel racing with Senna and then the next season i'd probably be lapping Villagomez in that same car because he's so slow, then i'd be annoyed.
It also seemed like all the teams maxed out after 2-3 years and there were no regulation changes.. at all. So it might be a bug there. Not sure if that is how it is supposed to be now, but i'd assume not.
In terms of my actual real MyTeam playthrough. I spent most of the MyTeam experience trying to get the car to not look like absolute junk. Maybe i'm doing it wrong. In previous games, i'd go to F1World and customise 6 liveries and get them looking nice and then i'd just Copy from Other when I was in MyTeam and then choose a different one for the next season. However, when I tried it this time, they belong to different title sponsors so I can't use them. And I can't get the title sponsor I have to look anything decent. Maybe I can do something with the one were you get to loyalty level 6 but i've no idea how long that'll take and I would be changing title sponsor when my car has progressed anyway. It's already diluted my enthusiasm as I don't like looking at my own car as the customisation experience is the worst it's ever been. I like the Decal Editor but it's abit like polishing a **bleep** at this juncture as the base livery is so awful.
I am actually a fan of the driver/owner separation as it's always felt off to me. In any other year i'd have been happy with the only racing as real drivers (i'll get back to this in a minute) as there'd have been at least two drivers I could have been but the talent pool in F2 was so dry last year that i'm not really fussed about any of them so i'm just going to get to the end of season 1 so I can hire people I like from other F1 teams. I'm also not a fan of the fact you still can't choose your starter drivers properly. I was going to get Hauger and Martins as they both won F3 so it makes some sense, but no matter how many times I reloaded, I could only ever get Hauger. So i've had to settle for Fittipaldi as the second driver and i'm feeling nothing towards him. I guess if people could use their own created driver then they'd not use the F2/Icons as much, therefore the option isn't there so that it can encourage people to still use Driver Career for that. In terms of racing as real drivers, it does feel odd that you can drive as a dead man, a man in a coma, 4 people who don't exist and 4 people who've never even driven a proper formula car (probably) but you can't drive as your own fictional character that you could make up a backstory for yourself. It feels stuck in the middle of trying to be feasible and still trying to engage suspension of disbelief. It's not a big deal for me as I don't use the Icons but it is a gripe.
Until better liveries are available for usage, then i'll probably not be massively invested in the game mode though and it'll just be an occasional few laps here and there until the (no pun intended) drive for the game increases. I do full races and i'm lap 6 on Australia in MyTeam, so it's a slow and meticulous process.