In an environment where innovation has been strictly regulated against (better engine management software? NOPE. better foil design? NOPE), the fine art of sticking to the letter of the law but totally bending the spirit of it is naturally where the bleeding edge of F1 design is going to lie.
Much the same in cycling - there are many innovations that could potentially improve speeds: as a simple example, recumbent cycles are faster under many conditions. But, the UCI sets its rules based on innovations up to 1972, in order to make a fair comparison with Eddy Merckx. Consumer bikes surely suffer for this lack of innovation at race level.
Just because UCI forbids it from races, doesn't mean you can't buy an ultralight bike with disc brakes and have a go. Cycling should have a restriction on what's allowed as it forces a level of competition based around human capability. With F1 the tech plays a very big role, and it skews the field somewhat, but the restrictions have ended up favouring the team with the bank account who can afford a team of people finding work arounds.