For what it is worth you can extract the provided outrun1.bin with Chihiro-Tools
https://github.com/JayFoxRox/Chihiro-Tools/blob/master/extract-fatx.c
$ ./extract-fatx ~/Desktop/outrun1.bin outrun1
FAT size is 2050 / 0x802
Partition-Size: 16777216 bytes
Cluster sector count is 32
First root cluster: 1
Guessed clusters count: 1025 / 0x401 (FAT16)
Superblock is 4096 / 0x1000 bytes
Cluster size is 16384 / 0x4000 bytes
Searching file area...
Cluster base is 53248 / 0xD000 bytes
Entry 0 (Cluster 1) is called 0x8 'name.txt' (extracting to 'outrun1/name.txt'), firstcluster is 2 (Filesize: 10 bytes)
Cluster type: 0xFFFF
Volume label
Entry 1 (Cluster 1) is called 0x7 'boot.id' (extracting to 'outrun1/boot.id'), firstcluster is 3 (Filesize: 480 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/boot.id' from cluster 3
Entry 2 (Cluster 1) is called 0xD 'firmware2.bin' (extracting to 'outrun1/firmware2.bin'), firstcluster is 4 (Filesize: 6680 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/firmware2.bin' from cluster 4
Entry 3 (Cluster 1) is called 0xC 'firmware.bin' (extracting to 'outrun1/firmware.bin'), firstcluster is 5 (Filesize: 6922 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/firmware.bin' from cluster 5
Entry 4 (Cluster 1) is called 0xA 'config.xml' (extracting to 'outrun1/config.xml'), firstcluster is 6 (Filesize: 2694 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/config.xml' from cluster 6
Entry 5 (Cluster 1) is called 0xC 'hiscores.xml' (extracting to 'outrun1/hiscores.xml'), firstcluster is 7 (Filesize: 3460 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/hiscores.xml' from cluster 7
Entry 6 (Cluster 1) is called 0xD 'hiscores2.xml' (extracting to 'outrun1/hiscores2.xml'), firstcluster is 8 (Filesize: 3460 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/hiscores2.xml' from cluster 8
Entry 7 (Cluster 1) is called 0xD 'hiscores3.xml' (extracting to 'outrun1/hiscores3.xml'), firstcluster is 9 (Filesize: 3460 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/hiscores3.xml' from cluster 9
Entry 8 (Cluster 1) is called 0xA 'config.bak' (extracting to 'outrun1/config.bak'), firstcluster is 10 (Filesize: 2694 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/config.bak' from cluster 10
Entry 9 (Cluster 1) is called 0x7 'or1.xbe' (extracting to 'outrun1/or1.xbe'), firstcluster is 11 (Filesize: 712704 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/or1.xbe' from cluster 11
Entry 10 (Cluster 1) is called 0x3 'res' (extracting to 'outrun1/res'), firstcluster is 55 (Filesize: 0 bytes)
Cluster type: 0xFFFF
Trying to open dir
Entry 0 (Cluster 55) is called 0xB 'tilemap.bin' (extracting to 'outrun1/res/tilemap.bin'), firstcluster is 56 (Filesize: 2804 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/res/tilemap.bin' from cluster 56
Entry 1 (Cluster 55) is called 0xD 'tilepatch.bin' (extracting to 'outrun1/res/tilepatch.bin'), firstcluster is 57 (Filesize: 1870 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/res/tilepatch.bin' from cluster 57
[end of directory]
Leaving directory
Cluster type: 0xFFFF
Entry 11 (Cluster 1) is called 0x4 'roms' (extracting to 'outrun1/roms'), firstcluster is 58 (Filesize: 0 bytes)
Cluster type: 0xFFFF
Trying to open dir
Entry 0 (Cluster 5

is called 0xC 'epr-10187.88' (extracting to 'outrun1/roms/epr-10187.88'), firstcluster is 59 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10187.88' from cluster 59
Entry 1 (Cluster 5

is called 0xD 'epr-10327a.76' (extracting to 'outrun1/roms/epr-10327a.76'), firstcluster is 61 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10327a.76' from cluster 61
Entry 2 (Cluster 5

is called 0xD 'epr-10328a.75' (extracting to 'outrun1/roms/epr-10328a.75'), firstcluster is 65 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10328a.75' from cluster 65
Entry 3 (Cluster 5

is called 0xD 'epr-10329a.58' (extracting to 'outrun1/roms/epr-10329a.58'), firstcluster is 69 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10329a.58' from cluster 69
Entry 4 (Cluster 5

is called 0xD 'epr-10330a.57' (extracting to 'outrun1/roms/epr-10330a.57'), firstcluster is 73 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10330a.57' from cluster 73
Entry 5 (Cluster 5

is called 0xE 'epr-10380b.133' (extracting to 'outrun1/roms/epr-10380b.133'), firstcluster is 77 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10380b.133' from cluster 77
Entry 6 (Cluster 5

is called 0xE 'epr-10381a.132' (extracting to 'outrun1/roms/epr-10381a.132'), firstcluster is 81 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10381a.132' from cluster 81
Entry 7 (Cluster 5

is called 0xE 'epr-10381b.132' (extracting to 'outrun1/roms/epr-10381b.132'), firstcluster is 85 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10381b.132' from cluster 85
Entry 8 (Cluster 5

is called 0xE 'epr-10382b.118' (extracting to 'outrun1/roms/epr-10382b.118'), firstcluster is 89 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10382b.118' from cluster 89
Entry 9 (Cluster 5

is called 0xE 'epr-10383b.117' (extracting to 'outrun1/roms/epr-10383b.117'), firstcluster is 93 (Filesize: 65536 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/epr-10383b.117' from cluster 93
Entry 10 (Cluster 5

is called 0xB 'mpr-10371.9' (extracting to 'outrun1/roms/mpr-10371.9'), firstcluster is 97 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10371.9' from cluster 97
Entry 11 (Cluster 5

is called 0xC 'mpr-10372.13' (extracting to 'outrun1/roms/mpr-10372.13'), firstcluster is 105 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10372.13' from cluster 105
Entry 12 (Cluster 5

is called 0xC 'mpr-10373.10' (extracting to 'outrun1/roms/mpr-10373.10'), firstcluster is 113 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10373.10' from cluster 113
Entry 13 (Cluster 5

is called 0xC 'mpr-10374.14' (extracting to 'outrun1/roms/mpr-10374.14'), firstcluster is 121 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10374.14' from cluster 121
Entry 14 (Cluster 5

is called 0xC 'mpr-10375.11' (extracting to 'outrun1/roms/mpr-10375.11'), firstcluster is 129 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10375.11' from cluster 129
Entry 15 (Cluster 5

is called 0xC 'mpr-10376.15' (extracting to 'outrun1/roms/mpr-10376.15'), firstcluster is 137 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10376.15' from cluster 137
Entry 16 (Cluster 5

is called 0xC 'mpr-10377.12' (extracting to 'outrun1/roms/mpr-10377.12'), firstcluster is 145 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10377.12' from cluster 145
Entry 17 (Cluster 5

is called 0xC 'mpr-10378.16' (extracting to 'outrun1/roms/mpr-10378.16'), firstcluster is 153 (Filesize: 131072 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/mpr-10378.16' from cluster 153
Entry 18 (Cluster 5

is called 0xC 'opr-10185.11' (extracting to 'outrun1/roms/opr-10185.11'), firstcluster is 161 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10185.11' from cluster 161
Entry 19 (Cluster 5

is called 0xC 'opr-10186.47' (extracting to 'outrun1/roms/opr-10186.47'), firstcluster is 163 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10186.47' from cluster 163
Entry 20 (Cluster 5

is called 0xC 'opr-10188.71' (extracting to 'outrun1/roms/opr-10188.71'), firstcluster is 165 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10188.71' from cluster 165
Entry 21 (Cluster 5

is called 0xC 'opr-10189.70' (extracting to 'outrun1/roms/opr-10189.70'), firstcluster is 167 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10189.70' from cluster 167
Entry 22 (Cluster 5

is called 0xC 'opr-10190.69' (extracting to 'outrun1/roms/opr-10190.69'), firstcluster is 169 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10190.69' from cluster 169
Entry 23 (Cluster 5

is called 0xC 'opr-10191.68' (extracting to 'outrun1/roms/opr-10191.68'), firstcluster is 171 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10191.68' from cluster 171
Entry 24 (Cluster 5

is called 0xC 'opr-10192.67' (extracting to 'outrun1/roms/opr-10192.67'), firstcluster is 173 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10192.67' from cluster 173
Entry 25 (Cluster 5

is called 0xC 'opr-10193.66' (extracting to 'outrun1/roms/opr-10193.66'), firstcluster is 175 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10193.66' from cluster 175
Entry 26 (Cluster 5

is called 0xD 'opr-10230.104' (extracting to 'outrun1/roms/opr-10230.104'), firstcluster is 177 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10230.104' from cluster 177
Entry 27 (Cluster 5

is called 0xD 'opr-10231.103' (extracting to 'outrun1/roms/opr-10231.103'), firstcluster is 179 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10231.103' from cluster 179
Entry 28 (Cluster 5

is called 0xD 'opr-10232.102' (extracting to 'outrun1/roms/opr-10232.102'), firstcluster is 181 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10232.102' from cluster 181
Entry 29 (Cluster 5

is called 0xD 'opr-10266.101' (extracting to 'outrun1/roms/opr-10266.101'), firstcluster is 183 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10266.101' from cluster 183
Entry 30 (Cluster 5

is called 0xD 'opr-10267.100' (extracting to 'outrun1/roms/opr-10267.100'), firstcluster is 185 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10267.100' from cluster 185
Entry 31 (Cluster 5

is called 0xC 'opr-10268.99' (extracting to 'outrun1/roms/opr-10268.99'), firstcluster is 187 (Filesize: 32768 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/opr-10268.99' from cluster 187
Entry 32 (Cluster 5

is called 0x8 'roms.txt' (extracting to 'outrun1/roms/roms.txt'), firstcluster is 189 (Filesize: 1473 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/roms/roms.txt' from cluster 189
[end of directory]
Leaving directory
Cluster type: 0xFFFF
Entry 12 (Cluster 1) is called 0x8 'or1t.xbe' (extracting to 'outrun1/or1t.xbe'), firstcluster is 190 (Filesize: 192512 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/or1t.xbe' from cluster 190
Entry 13 (Cluster 1) is called 0x5 'Media' (extracting to 'outrun1/Media'), firstcluster is 202 (Filesize: 0 bytes)
Cluster type: 0xFFFF
Trying to open dir
Entry 0 (Cluster 202) is called 0x8 'Font.xpr' (extracting to 'outrun1/Media/Font.xpr'), firstcluster is 203 (Filesize: 284672 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Font.xpr' from cluster 203
Entry 1 (Cluster 202) is called 0xB 'Gamepad.xpr' (extracting to 'outrun1/Media/Gamepad.xpr'), firstcluster is 221 (Filesize: 266240 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Gamepad.xpr' from cluster 221
Entry 2 (Cluster 202) is called 0xC 'Resource.xpr' (extracting to 'outrun1/Media/Resource.xpr'), firstcluster is 238 (Filesize: 440320 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Resource.xpr' from cluster 238
Entry 3 (Cluster 202) is called 0x8 'Textures' (extracting to 'outrun1/Media/Textures'), firstcluster is 265 (Filesize: 0 bytes)
Cluster type: 0xFFFF
Trying to open dir
Entry 0 (Cluster 265) is called 0xA 'bihull.bmp' (extracting to 'outrun1/Media/Textures/bihull.bmp'), firstcluster is 266 (Filesize: 196662 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Textures/bihull.bmp' from cluster 266
Entry 1 (Cluster 265) is called 0x9 'Thumbs.db' (extracting to 'outrun1/Media/Textures/Thumbs.db'), firstcluster is 279 (Filesize: 11264 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Textures/Thumbs.db' from cluster 279
Entry 2 (Cluster 265) is called 0x9 'wings.bmp' (extracting to 'outrun1/Media/Textures/wings.bmp'), firstcluster is 280 (Filesize: 49206 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Textures/wings.bmp' from cluster 280
[end of directory]
Leaving directory
Cluster type: 0xFFFF
Entry 4 (Cluster 202) is called 0x6 'Models' (extracting to 'outrun1/Media/Models'), firstcluster is 284 (Filesize: 0 bytes)
Cluster type: 0xFFFF
Trying to open dir
Entry 0 (Cluster 284) is called 0xA 'airplane.x' (extracting to 'outrun1/Media/Models/airplane.x'), firstcluster is 285 (Filesize: 36959 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Models/airplane.x' from cluster 285
Entry 1 (Cluster 284) is called 0xC 'airplane.xbg' (extracting to 'outrun1/Media/Models/airplane.xbg'), firstcluster is 288 (Filesize: 18256 bytes)
Cluster type: 0xFFFF
Extracting 'outrun1/Media/Models/airplane.xbg' from cluster 288
[end of directory]
Leaving directory
Cluster type: 0xFFFF
[end of directory]
Leaving directory
Cluster type: 0xFFFF
[end of directory]
Leaving directory
Cluster type: 0xFFFF
Done!
$ cd outrun1/
$ ls
Mediaconfig.bak firmware.bin hiscores.xml hiscores3.xml or1t.xbe roms
boot.id config.xml firmware2.bin hiscores2.xml or1.xbe res