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One reason to use production-based engines (and none of the existing engine suppliers seem to find it an onerous burden) is to get manufacturers interested---and to defray costs.
Which companies are interested in building very small runs of pure race engines for a low-budget class? Pretty much none. One the other hand, plenty of companies build engines suitable for GTE or other GT series, many of which just happen to be legal in P2. What a happy coincidence.
To me that is the obvious cost-saving idea---let manufacturers use existing stock-based racing engines (and a Lot of manufacturers have them---even Kia for gosh sake) in their P2s.
The problem with even a cost-capped pure racing engine is balance. Someone could come along, do some accounting trickery, and produce a smaller, lighter, higher-revving, more powerful and torquier engine than anyone else had and drive the manufacturers away, then go broke in a few seasons once the class was ruined, and there we are---ruined.
Stick with GT-type engines. Don't break what works. Only fix what doesn't.
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