There are far too many rules to make it interesting as a sport nowadays, it's not about getting the best car with the best engine and the best driver but is about penalties for changing engines, safety cars all the time, penalties for infringements of the (too many) rules, and so on.
However I understand why there are so many rules.
The old system led to many driver deaths and that's rightly unacceptable today. They also led to the teams with the most money being able to win all the time.
I'm familiar from my former career with high performance computing and its ability to model things, I've been to visit one of the teams near Milton Keynes in the past as part of that job, and it's impressive what they do (I think it was Red Bull albeit a few years ago).
But it's not a spectator sport unless the spectator is interested in all the complexity of the rules as well. Plus the things they have to do (DRS for example) to enable cars to overtake.
Still, I'm glad Verstappen won the title this year, ignoring all the bonkers rules he seems really good and deserving.
I think they're stuck in a trap of their own devising now in which the only solution to silly rules is additional less silly rules to counteract them, and in due course further rules to counteract these. I have to say that if I were in charge I'd probably end up doing the same thing, it's driven a lot by an overriding need for safety and that's probably good and is what the public wants to see.
But it's only slightly more interesting as a spectator sport than the US oval car racing, which I've never been able to watch for more than ten minutes, although if I were there in person perhaps I'd enjoy it more.