Racing drivers wear helmets and fire resistant overalls, but it’s all a bit 1950s (Stirling Moss used to wear a cork polo helmet, with only limited success).
Today’s invention is a suit of armour for racing drivers made of carbon fibre and fitted with a cooling system, just as spacesuits are.
Every driver in eg F1 would have a custom-fitted suit, so that no team would have an advantage.
The main benefit would be that in a collision, legs and internal organs would be much less likely to be crushed.
The armour might come equipped with lugs to which a winch could be clipped to extract a driver from eg a burning vehicle much more rapidly. It could also have monitors embedded within it so that a driver’s in-race health could be more closely assessed via telemetry.