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Fuel may not be the most exciting aspect of motorsport but it's certainly at the heart of it. No fuel, no motorsport, unless you want to go electric like FE, or use a rubber band.
The problem with methanol, as opposed to E85, is that as it is an alcohol it evaporates quickly, attacks aluminum and offers virtually no engine lubrication unlike gasoline.
Race engine blocks are made from aluminum and there is a chemical reaction that occurs between the aluminum and methanol, which causes scaling so the aluminum needs to be anodized. I would think this is why Chevy and Honda wanted to stick with E85.
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