As a libertarian, I find this debate interesting.
The challenge with "street racing" is that there is no way to avoid the fact that you are putting other folks and property at risk for your own behavior. That is the essential problem! Once they are dead, you cannot take it back with, I am sorry!
If you want to run Bonneville Salt Flats and sign your own waivers, insurance etc, well then I have no issue with that.
But if your out of control 100 MPH car careens into someone else, well I guess most folks would have an issue with that.