Ideas
The format of the ranked races themselves is good (qualifying and the race). We have equal cars, so driver skill and the right setup are key.
The biggest problem is the impunity of those who ruin others' races. Pushing off the track, braking mid-straight, which leads to damage or complete retirement from the race. This needs to be fixed!
In the old F1 games, there was a penalty: Illegal Blocking. You would receive a warning or penalty in situations like the one I mentioned earlier. Then it wouldn't be profitable to eliminate other players.
It would be worthwhile to include a detailed explanation of the ranking points after the race: why positive points and why negative ones. Penalties should be very severe (e.g., -100 points and a greater loss of license level, or a complete demotion from an A to a B license), and ranked races should only be for A license holders. Then, anyone who "misbehaves" will be banned from the ranked competition for an extended period.
Another idea is car interception. There's something to think about.