I understand the analogy about he cars vs. guns, but you said both began with 'some kind of practicle application.' I would argue that while racing began as a means to see who's car was faster, i am not sure what pratcial application that has. Such is not to say practical applications did (or do) not come from racing. Many improvements in modern automobiles have a history (or at least a testing phase) in a racing series somewhere.
One thing I will point out, it takes a great deal of skill to drive a formula 1 car (more so than your everyday mustang). Probably same can be said for many of these race guns.