You can attack about any sport or recreational activity concerning the environment. Heck, fishing is one of the most popular recreational activities around the world. Yet people usually drive to their favorite fishing spots, and thus it's a huge contributor to pollution. How many liters of hydrocarbons are burned transporting soccer fans? In race events, the actual race cars and the amount of fuel they burn is just a very small fraction of what is actually used when you add up the grand total for the entire event. Fans driving to the track, transporters carrying the cars and equipment, the aircraft transporting fans and drivers, the list goes on and on. For the cars that actually compete on the track, think of them as just technology demonstrators.
Let's cast back to the past and take a gander at the Alfa Romeo 179, the car Patrick Depailler died in. It was a 3 liter V-12 with full ground effects. It had wings, but basically just for balance because the ground effects contributed for most of the downforce. That was over 26 years ago, and drivers had complained that the cars were going through the corners just too fast. Because of so much downforce, the cars were not driven, but aimed through the corners, and there's a reason why such levels of downforce were banned.
If the rules were dropped and the teams allowed, they could easily construct a monster with incredible performance, going like stink. But they would also run at levels that could impair the pilot, maybe even incapacitating him, leading to possible disaster. These days it's not about striving for sheer performance, but instead finding a reasonable balance between entertainment, performance, and safety.
I'm not saying the FIA is perfect, I believe that some times they totally screw up. But somehow despite Mad Max and their errors, we have a pretty decent sport, and most decisions seem to work out OK.