F1 isn't what it used to be last century. Races were nail biting epic contests, cars visibly improved every season, drivers were international celebrities dicing with real life ending risk, and passionate fans filled the stadiums. Modern races are just a procession of the same few people each weekend in global rich social events.
Modern F1 has an extreme amount of simulation behind it that just didn’t exist last century. Whether you can make a car that is good or not is a factor of budget you can spend on engineering teams, wind tunnel time, etc., instead of what whacky idea you can come up with that makes the car better. Budget caps introduced this year will hopefully start to level the playing field once the 2022 regs kick in.
This has been true since the 1970s.