The next closest thing to electric motors would be large displacement-small number of cylinder engines of old fashioned design. For instance, the old “johnny poppers” of john deere tractors from 75 years ago. Or...harley davidson motors. Or...WWII vintage radial aircraft engines. These are all engines designed with the very same advantages you are touting in electric motors.
The only thing I can think of is the strength of the shafts in High RPM situations is much less. Nothing snaps shafts and breaks gears faster than low RPM torque. Heavier drivetrains means slower acceleration...in two ways. The vehicle weighs more, so it accelerates down the strip slower, but also, the rotational inertia is greater, which drags down the motor when trying to “spin up” to speed.
Drag bike turns about 12000 rpm.