To me the burning tire refers to the popular revolt that we see a lot of these days. A gasoline-filled tire is a low-fi weapon, similar to the Molotov cocktail. But the "Wheel of Fire" is also an ancient religious symbol, referring to the sun an the motion of the earth, and the symbolic nature of fire is both creator and destroyer, purifier and defiler. The symbolic meaning of the burning wheel and the actual application of the burning tire as a violent means of revolution coincide, which makes the image extra powerful.
But it's of course also a symbol of speed- if you want it to be about formula 1 racing it's okay with me, it's never just one thing- and it's an obvious rock&roll reference too:
'This wheel's on fire, rolling down the road Best notify my next of kin This wheel shall explode!'