You missed the golden age of F1 in late 80's and the early 90's. Today's version is like watching a computer simulation where the team with the most money is almost guaranteed to win.
I think this aspect is important and the sport can be exciting if one accepts these conditions. A field of 10 teams where anyone could take the title is probably not even a “design goal” for the regulations.
It all requires some luck with the “pairings” however. Last season was a great example of how it should be with thrilling fights between teams 1..2 and 3..5 and so on. Previous years Mercedes was unfortunately alone in #1 and a fight for 2..3 is obviously not as exciting.
Commonly referred to “Formula 1.5” (the Best of the Rest).
Group B is past the line on its way to being gladiator combat. TBIs are non-lethal so American football is tolerated.
It's fine for people to take individual risks, but codifying rules that cause death for a recreational spectator activity is unacceptable.
Nowadays they're a bit less white, don't die or get maimed nearly as often (last death in 2015), but they have largely become a set of meticulous and obsessive kids who spend most of their life in front of simulators.
― Ernest Hemingway
But luckily we still have the magic of the FA Cup, and also soccer is full of surprises!