Electric drag racing is a thing. There are some guys who have exploited the fact that an electric motor makes peak torque at zero RPM to turn clapped-out old Datsuns into eyeball-flattening drag racers. The other fact they exploit is that a drag strip is only 1320 feet long.
Road courses tend to be longer, and this has the potential to turn the proposed Formula E into the least exciting thing since the invention of competitive paint-drying during refueling stops.
Plus, the whole force-fed nature of the thing feels artificial. It feels like the American Medical Association sponsoring a High Fiber Vegetable Eating Contest, which just wouldn't be as fun to watch as fat guys burying their mugs in blueberry pies.
There's nothing inherently wrong with using competition to force a technology: From the Orteig Prize to the Ansari X Prize, it's been part of aerospace envelope-pushing, but they don't build bleachers at Mojave Spaceport and try and sell it as a for-profit sport.