Depends on the rules of the race organization. Even if the example was for road (circuit) races which frequently use stock-ish) car configurations, EVERY rental company has for many decades had explicit prohibitions to using the rentals in any competitive event.
Similarly, it is not the slightest bit unreasonable for AirBNB or the hosts to prohibit use of their properties for parties.
If you want to go car racing, the responsible thing is to check out the many type of racing (autocross, karting, road, rally, drag, etc.), the organizations that do it, buy, rent, or build a proper racecar, join a suitable sanctioning organization, get qualified, and go racing. The irresponsible way is to rent a hot car and take it to the local street racing meetup.
If you want to organize a party responsibly, you or one of your friends can prep their own house, or rent any of thousands of facilities that cater specifically to parties. But, if you want to be irresponsible, sure, say you're renting a house for a vacation stay, and then have your three dozen rowdiest acquaintances over for your next rager.
Just don't expect anyone to respect you or want you back when you do the latter. Also don't expect them to respect you for arguing for being irresponsible.
Sheesh
If anything I would say it is more like renting out off-road race cars and then complaining people got them muddy.
Who typically rents a large house that can sleep 12 or more for a few nights at mega-bucks rate?
An oligarch and his entourage? A polygamous family of devout Mormons? Or a bunch of friends looking to party together on vacation?
Maybe it's just me but my money is on the latter more often than not.
Look at the size of the house and it's location and most sensible people should be able to tell right away if it is a party palace or not. If so, a party should be no surprise --- and the security deposit should be set accordingly.