IMO there is a huge double standard, but don't get me started on "NASCAR"...if I remember correctly, "Stock" is part of that acronym. They should drive the same junk they foist on the public. All cars made after cat converters should be required to run them, whether on the track or not. Or the EPA needs to pull their head out, and change their regulations. The rules apparently don't apply to kit cars and the like, so I suspect most racing and off-road only vehicles are considered to fall into that category. But I figure if it's got a VIN, and it's newer than '73(? whenever converters were required by law) it still falls under EPA regs, whether or not it's actually enforced. Might see some of that with a new administration, who knows?
As to "bettering performance"...if you think you can do better than GM, go for it. I know I personally don't have the background nor the tools and instruments to prove I have gained more power with lower emissions. There are certainly many times I wished I had the resources available to see what kind of difference minute changes make overall. I know that the public in general, overall, likes the way the stock vehicles drive. The stuff wouldn't be there if it wasn't what it took for GM to make the power they were making, and keep emissions where the EPA wanted them. Whether or not they can be removed without affecting how it runs, well, that's personal choice if someone wants to risk changing how the vehicle runs.
If we can't measure our results, unfortunately we can't authoritatively say it's better in any way, be it emissions or power...when talking injection and/or emissions, small changes in one place cause problems in the system everywhere else, even if we can't "see" the new problems, and it "feels" better. I'm absolutely certain my new motor/injection setup makes more power, gets the same economy, and has the same or lower emissions than the gas engine available the year of the vehicle, but I can't back that up with any real proof.