This happens when the registration process is not completed so the account is not fully created and activated within iRacing.

Can you please go to https://members.iracing.com/membersite/OAuthAccountOnlyLogin on your Firefox browser?  
Firefox seems to work for most so please try to use Firefox first. Our other supported browsers are Chrome and Edge. 
Please make sure to click Complete Steam Account Creation under the blue sign in button.

This will redirect you to log in to Steam, create your iRacing account, and then from Steam you can click play and log into your iRacing account directly. 
Please click "Remember Me" so that you don't have to log in each time you click play from Steam.

If you are using Internet Explorer, as of March 6th 2020, we stopped supporting this browser. We also do not support the browser Opera or Brave.

 

If this continues, please reach out to Steam for assistance with creating your account or a refund. If you request a refund, you can create the account directly through iRacing.com . Unfortunately iRacing and Steam have two completely separate purchasing processes and we are unable to see any payments made to Steam.