I just started getting into hot lapping, fun stuff. Always a fan of seeing my name with green lights! It's fun to race against everyone, instead of just those who have a decent net connection, have a computer that can handle big starts (which many can't), and happen to be racing on the same server I am.
But at the same time, just you, the car, the track. Don't have to worry about running into someone, just go for broke. Also no distractions, wreckers, chatters, restarters, etc.
Also, taking out hotlapping would'nt really increase the number of racers online.
You'd actually need a good reason to get rid of a very popular mode.