I think the only thing that can save it is it the 2021 regulations, which reportedly cut drag by 90%.
I haven't kept up with the new regulations, but this doesn't sound right to me. The drag coefficient of an F1 car is approx 0.9. To reduce this by 90% would take it to around 0.1, and that's not possible. That's the kind of numbers these eco-mile and Bonneville salt flat vehicles produce. The Toyota Prius and Tesla Model S, which are very low drag for road cars, are 0.24. And they don't have to produce any sort of downforce (which in most cases adds a lot of drag). Reducing drag would make overtaking worse. DRS would be less effective, slipstream would be less effective, and the car in front would have less of a disadvantage than they currently have.
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F1 has 2 problems. The downforce produced by the top surface of the car is too easily disrupted. So the solution there is to cut downforce and rely more on mechanical grip. But then your cars will be slower.
The biggest problem F1 has (IMO) is the engines. Back in the 50s-90s, anyone could build an F1 engine. V6, V8, V10, V12. In the 90s, if you couldn't afford a good engine, there was about 6 different versions of the Cosworths you could buy and off you go. This variety creates cars with different strengths and weaknesses. This variation in performance is what produces good racing. Now, the teams have no choice - they have to buy a V6 turbo hybrid. And it has to be a set capacity. So now we have engines which all have the same characteristics. Sure the Mercedes is better, but none of them really stand out in any way. And that's before you talk about how engine manufacturers now have F1 over a barrel because if any one of them leave the series collapses. They have built an empire for themselves and can get whatever they want now.
Other series that have better racing tend to produce it through vehicle variety more than less downforce. LMP1 produced amazing racing because it had cars with vastly different solutions to the same problem. LMP2 was better, but now it's a field of ORECAs it's not as much fun. GT3 racing is crazy because there's so many different cars with different engines, different tyres etc.
You can produce good racing with similar cars (see IndyCar), but IndyCar relies more on mechanical grip with less downforce.