My TH setup give me a real FOV of 136degrees. I'm sure with larger monitors or other setups there will be a need for even wider FOV. I'm not sure how easy it would be to do, though. I'm sure there's performance and clipping issues involved. Might even need a rewrite of some of the graphics code. But +1 if it's an easy fix, definetly!
I guessed it would just be a fairly arbitrary limit in the options screen, but don't really know If bothering to change it, it would make sense to increased it to a substantially larger value, to me.
Also nice would be a button for temporarily switching to a larger FOV, for use in crowded simulations. It would allow you to have a quick look to your left and right at the same time while still looking straight ahead to have a better overview of other cars in your vicinity.