I had a further look at the credits and like @androgyne predicted, it was indeed primarily developed by Pax Softnica. Both programmers worked on Star Wars Episode One Racer for Game Boy Color.
The two credited designers worked on Mole Mania and Wrecking Crew '98, which are also Pax Softnica titles.
It’s a shame we never got box-art for Zero Racers, as we’re just stuck with the wireframe graphics which are meant to be a representation of something that your mind fills the gaps in for.