Two quick points:
The faster your car is, the less "action" you get from randoms on the street. Impromptu street racing is usually initiated by someone who has an obvious advantage. In the 2 years I owned my Hellcat, the only person who ever openly challenged me on the road was a McLaren 720S. I didn't reciprocate as we were in a heavily congested area of town. However, when you drive cars like ours, most people (Mustangs, Camaros included) are smart enough to kinda roll their windows up and put their head down as you go by.The people who do try and goad a run out of you aren't looking to win, they just want to see and hear a Hellcat rip past them for YouTube clicks.
As for street racing penalties, all states are different. Florida has one of the most severe penalties on the books. We have a law titled, "Street Racing on Highways." This law specifically covers racing on major roadways and has some of the country's harshest penalties if you get convicted. For a first offense, there's a mandatory year loss of license. Then, there's judge's discretionary fines of up to $3,000 and 30 days in jail. It's a class II misdemeanor which will go on your permanent criminal record. Any subsequent convictions can result up to a maximum of $10,000 in fines, permanent loss of license, and extended prison sentences. Also keep in mind that you need a lawyer to defend yourself in criminal court, so it costs $2,500-$3,000 for misdemeanor representation with most attorneys.
The criteria for "street racing" is also very broad. The act of goading someone into a race, which the law calls "exhibition of power or speed" qualified for a street racing charge. Meaning, revving at another driver at a light, doing burnouts, donuts, drifting all qualify even if the other person doesn't participate. That being said, most cases get plead down to careless or reckless driving (civil infractions) as lawyers can relatively easily defeat the racing charge as there's quite a few technicalities that have to be met for the charge to stick, unless of course you get caught no questions asked drag racing down the street.