iRacing doesn't have the best graphics, especially compared to more modern titles like Assetto Corsa Competizione (ACC). iRacing also isn't cheap, mainly because you must pay a monthly subscription and buy content like cars and tracks separately.
However, the main feature of iRacing that's made it worth it over the years has been an incredible multiplayer experience. This is made up of an excellent licence progression system, a safety rating system that's based on driving standards as well as ranked multiplayer that's skill-based (iRating).
Generally speaking, iRacing will ensure that you will be matched with drivers of a similar skill level. If you improve your driving standards and have better race results, this will continue improving.