The races may be more or less interesting depending on preference, but everything else you've written here is false.

Cars still visibly improve each season, as demonstrated by the fact track records continue to fall each year.

Drivers are still international celebrities, and it's still a very dangerous sport (the fact there are far fewer deaths is a triumph, but it still occurs - Jules Bianchi died from a crash in 2014 and last year in F2 Anthoine Hubert succumb to a hideous incident). If your issue is that too few drivers are dying, then I really don't know what to say because mitigating that risk is a hugely positive thing.

Fans still fill the track grandstands (with the exception of some of the newest venues which may not sell out as easily). Just look at Monza 2019, with the sea of Tifosi under the podium. That passion is still there for a big number of fans, and as the sport is evolving (and more interesting young drivers come through) the fanbase is changing and growing more diverse.