Excellent, Sega made the Yakuza and Shenmue games too, and the F-Zero setting is canonically about bounty hunters and crooks racing as a hobby. It would make perfect sense to have Sega return to the F-Zero franchise to make an open-world game in a crime-ridden interplanetary dystopia about racing, car-chases, and punching things.
I’d say vehicle weapons is right out and is the line where it ceases to be F-Zero, but I don’t see how RPG mechanics or open-world preclude including racing challenges with an extreme skill ceiling. I mean, with the current Soulslike fashion trend I’d say they could market based on that, particularly with Armored Core 6 demonstrating how “RPG elements with a very low stat ceiling” works well with skill-based gaming.