It's a significant problem here in London: Supercars (and regular cars and motorbikes that have been modified to have noisy exhausts) make up a tiny minority of vehicles on the road, but it only takes one to produce incredible noise levels that carry for many blocks and penetrate almost any soundproofing/double glazing.
It's completely unfair to subject so many people in such a dense city to these noises just for the thrills of one driver/rider. Stick to the track if you must drive such a noisy vehicle!
Politicians probably think of it as an annoyance to be shrugged off, but it does genuine economic harm. It damages property values near busy roads, and it makes our public spaces and parks unpleasant. Even in the middle of huge green areas like Hyde Park, you can still hear them roaring down park lane etc.