Sure, the cars are so wide and long that it's nearly impossible to pass on some courses (i.e. Monaco). Sure, some cars are much faster than others and you know it's very unlikely that a team like Haas will finish on the podium or even in the points. But, with the current financial regulations teams can't just spend $200m more than someone else. And if you look at the lap time differentials, the spread isn't as big as you might think.
There's always NASCAR and IndyCar if you want to watch a more 'fair' motorsport where people are driving much more similar cars. But I think there's totally a place for a sport where teams aren't on as equal of footing and there's more room for engineering creativity.