Slot racing as a sport survives in parallel with computer racing simulations. The two offer different experiences. Racing simulations put you in the car (at least the best ones do). Slot racing is done from trackside. The difference is slot racing is done in the physical world with actual hardware while racing simulations are entirely virtual.
Slot racing does not subject the driver to the noise, G-forces, shocks and vibration of real 1:1 racing. Racing simulations can replicate some of those features -- especially in the high-end simulations used by professional racing teams -- but those G-forces can't be sustained.
I don't see better racing simulations as a useful goal. The simulations used by Formula 1 teams come as close as practical in realism, to the point where actual Formula 1 drivers can learn and benefit from them. But their expense is way beyond what can be afforded simply for entertainment.
If you view slot racing as a sport in itself, rather than a first-person simulation of actual racing, there is still plenty of complexity there. Is there opportunity for technological improvements over what already exists? Well, that is the question you have posed.
What I might suggest is an improvement to the slotcar drive systems. The basics of slotcar motors and gearing have not changed much since the 1950's. That is, a permanent magnet DC motor with a commutator and a three-pole armature, plus either a crown and pinion gearset, or a sidewinder gearset. The one gearing innovation in the last 70+ years might be the anglewinder gearset.
As a slotcar builder myself I find it very frustrating that slotcar motors vary so much in performance. A motor with digital commutation and speed control has the potential to greatly improve this situation. Ideally motors of a specific brand and model could have indistinguishable performance. That could make slot racing much more fair. And make the job of the slotcar builder a bit less stressful.
I'll leave tires out of this discussion.
Could a slotcar have actual transmissions, with more than one ratio? Well, it has been done, if you are satisfied with just two ratios. Even in the smallest scale, HO, it was achieved decades ago.
But would the ability to shift gears improve slot racing? It might not. Real racers commonly take more than a minute to complete a lap. Slot racers rarely take more than ten seconds. On my own home track it can take less than four. Adding shifting to the driver's frenetic workload might be a step too far. Not unless we slow down the cars A LOT!
Which some slot racers might desire. Supersonic scale speeds are the current norm. Some folks would appreciate much more realistic scale speeds. That comes back to our digital motor. Dialing back its speed should be straightforward given digital control.
Some slot racers might desire more-scale speeds, but I suspect many more might not.
That's a start. Thanks for the question. Does this help?