For me it still comes down to ROI for the sponsor. There is almost zero in NHRA, put up a million plus, get 5 minutes of TV time if you are running nitro, 0-3 minutes if you run PS, PSB. Casual fan isn't running to any sponsors business to buy "stuff".
Sponsorships today are self funded, Capco, Scrappers, Head etc or B2B where they are spending money with each other, writing it off as a business expense and basically giving back to the other.