W3O's cockpit was just the nose-cam with a bunch of clutter on the bottom of the screen, really - that's why it was short-lived, a cockpit cam would have to be really, really intuitive and I doubt that the nature of the game would allow for it.

Besides, nothing's going to get most Wipeout players out of external cam. That's like telling someone to drive down freeways with their feet on the steering wheel.