For quite a while, Unity provides a really neat tool for defining curved paths like race tracks in form of an optional package: Splines.
A spline is a bezier path. Which means it is defined by several "knot" points. Those "knots" then get connected by a curved path. Optional "tangent" points can be used to tweak the curves that connect the knots.
So a splines allow you to define a race track using relatively little data. Then you just need to use that spline to turn it into a visible and playable race track. This requires some development. But there are lots of examples online for how to use splines to generate actual game objects.
Once you have a system that allows you to create a race track by manipulating a spline in your scene, you can create an algorithm that generates knots and tangents randomly, and thus can generate more or less plausible looking race tracks. Tweaking that algorithm to create race tracks that are actually interesting to race on would then be the fun part of the assignment.