What is being questioned is whether or not the sanctioning body did what it said it was going to do.
If SBI did everything they were supposed to, then all will be fine. (They should have disclosed it sooner to prevent this, perhaps.)
However, if they misled people and did NOT provide what they promised, then in reality the racers were not making an informed choice and that does cause a problem.
All racers know the inherent risks and that is not what is being questioned. What is in question is whether they had everything that they were expecting.
The best way I can sum up my feeling is with this synopsis.
People die everyday in car accidents. Safety features have been improved to reduce this risk, however it still happens. Now, you may die even in an airbag equipped car and there should be no reason to sue the manufacturer . However, if the car was supposed to be equipped with air bags and they were not installed.... then we there is a legitimate reason to file a suit.