OK, For those interested: During the past 48 hours exchanged information (through WhatsApp) with HP Customers Support. At some point I was trasferred from an AI agent to a human agent. I will spare you all the details but the call is closed now.
Solution (actually a workaround it should be called) as per my suggestion change the name of the HP Telemetry Collectors directory (sorry I started with Unix in 1976) C:\ProgramData\HP\Telemetry\collectors\hp-telemetry-peripheral-collector_ver_3.0.4737034 to something different. In that way no other process will start any .exe of .dll file in there. As a sidemark. Whenever you install an optional update from Windows Update named HP Inc. - SoftwareComponent xx.x.x, you better check the directory name. This happened to me earlier this week and the 'racing mode' was back again case the entire directory came back on my system
I was triggered by the following error messages in one of the logfiles:
Error :VcpCodeDataHandler::GetValueFromVcp - Failed for the Command :20 in Normal format
Error :VcpCodeDataHandler::GetValueFromVcp - Failed for the Command :220 in Normal format
Error :VcpCodeDataHandler::GetValueFromVcp - Failed for the Command :229 in Normal format
I assumed that the HP Telemetry software made changes to the VCP data inside the monitor.
Searching the internet I found an application by Nirsoft named ControlMyMonitor and I installed the most recent version 1.38. The application lets you read (and wirte) from the monitor the VCP values. You'll find the software at the Nirsoft website www.nrisoft.net (https://www.nirsoft.net/utils/control_my_monitor.html to be more precise!)
Since my monitor stays now in the SmartImage off mode I could save the config easily as Ascii. Then I switched the monitor manually to the 'racing mode' and saved that configuration also in Ascii. After some editing of the output files I found the differences for SmartImage off and SmartImage racing to be:
VPCCode 0C 'Color Temperature Request' 63 versus 35
VPCCode 14 'Select Color Preset' 8 versus 11
VPCCode 16 'Video Gain (Drive): Red' 100 versus 86
VPCCode 18 'Video Gain (Drive): Green' 100 versus 94
VPCCode 72 'Gamma' 160 versus 128
VPCCode 86 'Display Scaling' 160 versus 120
VPCCode DC 'Display Application' 0 versus 6
VPCCode EF 'Manufacturer Specific' 255 versus 1
VPCCode F0 'Manufacturer Specific' 1 versus 0
And then some testing. Changing VPCCode CC 'OSD Language' from 20 into 1 gave me English versus Dutch. Then going after VPCCode DC and changing it from 0 to 6. Yep into racing mode.
Maybe if someone at HP Inc reads this, it might give them some directions. I am not an expert in VPCcode. However I found that ControlMyMonitor gave some text in a file I save. However I guess that each character came as a 16bit quantity. Once I removed the non-printable and 0 characters I could use the Unix diff command. Quiet a journey so to speak.