Rfactor 2 remains the best simulator to this day even surpassing that of it's 'successor' LeMans Ultimate which imho complicated what was already perfected but needed a bit more polishing since it was a game way ahead of it's time. Hell, even RF1 when adjusted for time/technology & coding advancements was insanely too ahead of its time.
For a game such as rFactor 3 to be developed we would have to see an even more revolutionary advancement in physics handling engine as well as FFB/graphics that can stand another decade worth of simulation enjoyment.
As much as I'd wish for a third/final rFactor, I highly doubt it will come to fruition given that Motorsport Games has now put all their financial prospect "eggs in one basket", which is LMU.
On top of this, Motorsport games would need to put maximum effort into another 'niche' racing sim that will compete with aggressive titles that already saturate market share such as titles from iRacing studios and Kunos (UE5 cashgrab garbage now

) but on a serious note, RF3 would need an extensive overhaul in all the above checkboxes wherein iRacing has slowly sharpened itself through several updates over the years into a strong simulator service and is just about to partially unveil a new graphics engine overhaul soon, just how they did over time with the in game overlays/HUD and vehicle license models.
Ultimately, MSGM developing a sequel to RF2 now and expecting them to not follow the paths of failed Project Motor Racing, AC Evo and Project Cars 3, is a pipedream and I think Motorsport games will just stick to updating and adding content to LMU in hopes it becomes the next ACC lol