Ghost Rider's supernatural and magical nature exploits Superman's vulnerability to magic.
Superman is vulnerable to magic, and Ghost Rider is a supernatural entity powered by divine/infernal forces. This matchup plays directly into one of Superman's few weaknesses. Ghost Rider's hellfire is mystical in nature, meaning Superman's incredible heat resistance is irrelevant โ the fire burns the soul, not the body.
The Penance Stare is complicated against Superman. Clark Kent is fundamentally a good person who fights to protect others, so the amount of suffering he has intentionally caused is minimal. The Stare might not be as devastating against him as it would be against a villain. However, the collateral damage from Superman's battles has caused significant suffering, even if unintentional.
Superman's overwhelming physical stats mean he could destroy Ghost Rider's host body repeatedly. But the Spirit of Vengeance simply reconstitutes, and Superman cannot permanently defeat a supernatural entity through punching. Meanwhile, Ghost Rider's mystical chains and hellfire would continuously damage Superman without his usual resistances applying.
Ghost Rider's attacks are magical in nature, exploiting Superman's well-known vulnerability to magic. Hellfire burns the soul rather than the body, and the Spirit of Vengeance cannot be permanently destroyed by physical force.
Superman's speed lets him destroy Ghost Rider's host body before any attack connects. The Penance Stare may be ineffective against someone as genuinely good as Clark Kent, and Superman's willpower is among the strongest in DC.
Ghost Rider edges this out through the magic vulnerability. Superman can win individual exchanges through speed, but he lacks the ability to permanently put down a supernatural entity while Ghost Rider's attacks bypass his defenses.
Ghost Rider also fights
Superman also fights