No way! Here is what will happen
1)People will be pressurized by their families and friends to sell their modded/sports cars as they are dangerous (and rightly so)
2)Those who still have fast cars will be extra cautious on public roads because THEY KNOW they will get into trouble in case of any accident even if they are not at fault.
3)Most of those who still would keep their cars would hardly participate in any races. Yes not even in the underground ones in remote housing colonies because they themselves would fear that anything can happen.
Personally speaking, this Bahria town incident completely aside, our population in general has also matured over the years if I must say. I dont know about other cities but I can certainly speak for Lahore. From 2005 onwards, you see less and less gatherings over the years. You see a shift from races at main public roads to remote housing colonies such as DHA Ph6. and Jubilee town and vicinity (for bikers) to almost no where. People just dont race that often as before and after this incident, expect even less