Motorsport is a dynastic sport, at least racing drivers are often followed by their children into the sport. I have made a research on sons and daughters of famous or less famous F1 drivers and where are they with their career progress.
Sons who surpassed or (almost) matched their fathers:
Gilles and Jacques Villeneuve: I think when asked who was the greater driver Gilles or Jacques Villeneuve many would choose Gilles. However statistically speaking Jacques managed to surpass his famous father and that’s a rare feat in F1 history. He is a WDC with 11 race wins, while Gilles won 6 races and never won a title. Of course, his early dead played its part in it.
Here I also have to mention a third Villeneuve: Jacques Villeneuve Sr., the brother of Gilles, who also made it to F1, but without any success and for a very short period.
Graham and Damon Hill: Graham Hill is a two times F1 WDC while Damon won “only” one title. Yet, I consider Damon as a “son of” who managed to live up to his famous name. He and Jacques Villeneuve are the only ones of that kind… And the Hills are the only father-son duo whose both members won a title!