I would recommend playing with ND filters to get slower shutter speeds, this will allow you to capture a lot more motion blur, conveying speed much better, which I think is part of why Hot laps looks so good. The other half of the equation is shooting as unedited footage as you can (sharpness low, color flat), because these are easier to add than remove. Finally, GoPros are known for getting pretty blown own images at higher ISO's so I'd keep the ISO max low.
I have a GoPro 9 but my favorite setup is 2.7k/60 fps, ISO max 400, 1/120th shutter speed, sharpness low, color flat, hypersmooth on boost, and an ND16 filter for a helmet POV.
Also shoot in good lighting. Cameras get better every year but you can only do so much if the lighting sucks