Re-Volt 2 (2000).
Also known as RC Revenge.
Developed and published by Acclaim Entertainment.
Editor's note: now this is a confusing one. Apparently this game is mostly known for its alternative title "RC Revenge (Pro)". If you try to look any information of Re-Volt 2 via Google, you're not going to find out much. I had to look for videos of RC Revenge from other Youtube profiles and sure enough, the game looks pretty identical to what you're seeing here.
From the channel: PS1DemoMuseum
Appears on these pages
RC Revenge is a PlayStation racing game released in 2000, by Acclaim Entertainment, and is...