Seems like the speed control on this bike is set at 299 km/hr ( 186 mph). What type of circuitry could do this?...
Multiple solutions exist, with their own drawbacks. The important details are: not damaging anything and staying
stable when hanging onto that limit.
Cutting fuel only can make the mixture lean, (intermittent good/nothing) and you know what that does.
Cutting ignition only can make the mixture rich and cause unburned fuel to come together in collectors, you know what that can do.
For stability, ignition is partly cut before that limit, and fuel according to that.
Best solution is an electic throttle valve. Completely electric so it is just some extra soft feedback, or cable/elec combined together with a spring, like the old cruise controls but mounted the other way around.
Edit: I assume somehow the RPM is recorded and compared with the gear and tire size.
The last 10 to 20 years, ABS signal is used for that.
I believe in the old days a governor would spin and control the fuel.
You are talking about RPM controllers here and not about velocity?
Limiting RPM in racecars, and pushing RPM under load on tractors, bobcats, mowers.
Exist in mechanical governors but also ignition HV rotorheads with integrated cutoff.