That's what sportscar racing has done for decades. I actually agree with you (we're making a habit of this), and I think it looks especially silly in timing and scoring, but it's how it's always been.
WEC does it too. They've changed the TV Graphics now to show team names, but for a long time it just listed every LMP2 as "Nissan" (with the occasional Judd) and then "Gibson".
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