Ok, I just did some investigation and I'm glad I wasn't actually hallucinating - but I guess I described it wrong. Seems it has nothing to do with fps, but with "actual" wheel spinning. Grip's wheels don't spin fast enough - that's my theory from now on.
Let me show you some examples... First, let's check The Crew game. I'd say it has the same wheel spinning style as Grip:
https://www.youtube.com/watch?v=wdB1VRDLpykBut, now check the Forza Horizon 3:
https://www.youtube.com/watch?v=_Gqr1p_jGrQThat's what I was talking about. Forza's wheels spinning is what I'd like to see on Grip's cars. When car wheels are spinning insanely fast - the wheel becomes just "one flat image" to human eye, sending information to his brain: quote: "Holly f*ck!".

If there are any tyre traceries, each becomes just a single vertical line. It's even more effective combined with high pitched engine sound (an idea could be that this effect appears only when turbo is activated). I'm not sure how it's done in Forza and I wonder how it would look like in case we do in-game slow motion there.
Btw, here are some examples from reality:
1. Most of cars' wheels on this video look like Grip's, but check out the guy on 1:05. He's the only one who produces that "one flat image" effect.
https://www.youtube.com/watch?v=CCS8Ya3bpqc2. Here's an extreme RC car:
https://www.youtube.com/watch?v=zQ5HHR9X5nw3. And look, even these two stupid kids manage to produce that effect as soon as they speed up a bit on straights (1:32 and 1:50)
https://www.youtube.com/watch?v=XrLFpX_LilI4. 3. Finally, F1 - intermedium tyres:
https://www.youtube.com/watch?v=DEW_9A0z1TUFocus also on that inside letters of the manufacturer name - it simply becomes one single line. And, if you analyze the current F1 2016 game, you will notice that it also needs a bit more spinning speed effect there, cause you can hardly see one single smooth line in the game, which is common in real life.
Real life 2016:
https://www.youtube.com/watch?v=T9E8N6yXUigGame 2016:
https://www.youtube.com/watch?v=UP29BSkO2JA