Are you serious? When was the last time you watched a Formula 1 race?
It was boring because there weren't any restrictions, and so the best teams were so far ahead the races just became a procession. That and the high downforce setups being badly affected by running behind other cars, coupled with tires that didn't wear out much, made overtaking almost non existent.
In the last 6 seasons, we've had 4 championships decided on the last race, one of those on the very last corner, one with three drivers separated by a single point, one with 4 drivers a chance to win it going into the last race, and another twice having the championship decided by the equivalent of coming 5th instead of 3rd in a single race out of twenty. Not to mention more overtaking and wheel to wheel racing than the past 15 years combined, more world champions competing against each other than at any other point in history and a great mixture of old teams and new teams winning races (5 separate teams won races last season).
And yet, in spite of all that, if you think there isn't technological competition winning the races, you're dead wrong. What about the F-Duct, rear blown diffuser, or the double diffuser which almost single handedly won Brawn F1 both titles in its first and only year in existence? If all the cars are the same, how is the Red Bull six seconds per lap faster than the Caterham at Spa when they run exactly the same Renault engine? It has just changed focus to aerodynamics and car setup, rather than making a better engine.