I think they lost it when they started dictating what kind of engines teams can use. Just limit the max fuel flow, and then let the teams go wild. Want to use a gas turbine? Go for it!

The "kids" are on average a lot better at driving than most of the "adults" of 30 years ago. Pay drivers barely exist anymore, and even e.g. Stroll is not bad compared to the pay drivers of decades past, who were genuinely terrible.

V10s are overrated. They sound nice, yes, but ask the drivers who have actually driven them and they actually prefer the V6T hybrids in a lot of ways. It turns out that actually sitting inches away from the V10 with the associated noise and vibrations kinda sucks.