For sports like F1 where there's a lot of $$$ that goes into running the sport itself, it's still understandable, but I always find it funny when you have cricket players (which is huge in India where I'm from) walk out with a dozen logos plastered on them [1], though the sport is much "cheaper" to conduct. But then again, finance bros be making money while the sun shines I guess, and I assume these companies getting their logos in front of a billion eyes is enough RoI for them.

[1]: https://www.kreedon.com/wp-content/uploads/2023/03/1.jpeg