IIRC there is a very detailed explaination of this somewhere and while I don't fully understand the technical side of things, this looks legit to me. Basically Outrun at 8x resolution or whatever.
If that's the case then it's most likely proper pseudo-3D, which is very good!
Pseudo-3D racers are my favourite kind of racing games, too bad they've been dead since the 5th generation pretty much, the last few ones we got were on the GBA, and unfortunately, a lot of GBA racing games don't have music during gameplay which sucks, but oh well, it's a handheld, I can listen to some Eurobeat on an MP3 player while I play so that's nice!
Anyway, it's nice to see someone make a modern pseudo-3D racer, that should make it stand out!