It seems in the trace file, as if the problem appears at the point when the shaders get loaded.
Maybe the problem is caused by the windows user rights, that the shaders can not be extracted.
Try this:
Start steam as usual.
Then go to the folder ..\Steam\steamapps\common\rFactor 2\Launcher
Rightclick on the file "Launch rFactor.exe" and select "run as administrator".
Does that help?