First off, I've had iRacing for years now, and I was one of those in the early days of owning it to blow my load on all of the content, so I do know where I am coming from here.
I vote no, the price is NOT justified, it's actually a WORSE physics experience than Assetto Corsa for a start, but lets give a full list of the reasons why I would NOT recommend this game.
1. The Physics : Whilst they are more realistic than most of the games people are used to this can barely be called simulation, whilst things have improved and continue to improve, the game lacks fundamental tire model elements that would define this title as a simulation. Fundamentally the iRacing engine is based off the Nascar Racing 2003 game engine, which in turn was based off the Grand Prix Legends engine of 1997.
So in a nut shell this core engine is almost 20 years old. The company themselves and most definitely the players and community like to believe the simulation models tire wear which it doesn't, all it models is that an overheated tyre is a slippy tire so basically one or two sideways moments in a lap, requires potentially 5 corners afterwards on knife-edge oversteer to let the tires cool down again [exactly the same game engine tyre properties that were there on GPL] - which in real life just isn't the case and if you're used to real life racing physics and simulation you will be fighting the car on corner entry as braking and turning on iRacing seems to overwhelm the game engine and generally send you into a low speed spin, again something that wouldn't happen in real life. Despite these short-falls they are more interested in variable weather conditions than fixing the core issues of the game engine.
2. The Price : Under no circumstance is the price of this title acceptable. Not only does it require monthly subscription but also the purchase of tracks and cars. Enjoy racing the skip barber on the North American circuits? Well next time they release a new track you can be it will be on the skip schedule almost forcing you to buy it. You don't 'purchase what you want/can' you end up being forced to make purchases whilst being given the impression it was the customers choice. 300$ plus change for all of the content. For a game? You'd expect such a price for a high end commercial simulator, but it's not, it's a nigh on 20year old game essentially and for this, it's a joke. The tracks are the service's most acclaimed piece, but realistically they botch their laser scans, the Monza oval for instance is in no way in a scanable condition, so they have essentially just created a track on the fly, not to mention the 'tech tracks'. Lets not forget, iRacing aren't the only ones who laser scan tracks now, do Assetto Corsa charge extortionate amounts because they laser scan their tracks? And IMO do a better job of it.
You can get just the same enjoyment at a tenth of the price with Assetto Corsa, or even rFactor 2 if you find a private LEAGUE to race in, rather than just trying to join some public server full of wreckers and then complain about the community of that game. Anyone who tries justify the price I garentee has most, if not ALL of the content and feels that natural urge to protect their investment [I mean nobody wants to feel like an idiot for spending 300$ on a video game do they?] which brings me on to point 3 .
3. The cult : After spending so much money on iRacing for all of the necessary content people in the community then have this natural defense mechanism on their 'investment' and will defend iRacing on all levels unjustly, refusing to listen to logical critique and hyperpraising things such as the tracks [one of the things they love to do is pretend that iRacing models tire wear, which it definitely does not].
tl;dr you pay 300$+ to get the less overall enjoyment with substandard physics than you would in a private rFactor 2 or Assetto Corsa league with. Do not confuse immersion with simulation guys! Shiney tracks and a decent public service still do not justify the price!
