It's not about legality, it is about risk to yourself, and more importantly others.
Weaving through traffic at 20+ MPH over the flow of traffic, or racing down a public road with uncontrolled intersections and unprotected spectators and little or no safety equipment in the car, is infinitely more risky than any minor traffic infraction you mentioned.
It is the people who don't understand that risk or believe they are in control of it that are a danger to themselves, and more importantly, others...
That is why street racing is bad, the people who believe it isn't...
That is all.
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I am a Commodore PET --- Now get off my lawn you kids...
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