I doubt it's intentional, but the cost cap seems to be bugged. I'm in season 3 and I've gone over the coat cap but as you can see I started the year with Already 80+ million spent.
My drivers are Alonso and O'Sullivan so about 20m in total, I know in reality driver salaries don't count towards cost cap but maybe the do in game. It seems the cost cap isn't resetting at the end of the season and is just carrying over to the next.
Excuse the crude photo. I'm on Xbox series X with the latest update.