Ultimately, Max and Bernie have no real interest in cutting costs, they only wish to keep F1 alive and putting money in Bernie's pocket. If it gets too expensive and some more teams pull out it will all collapse and their empire will vanish. If Bernie took no profit and after being paid a wage the rest of the TV money and host fees went as an equal split between the teams who make it onto the starting grid would be nice. Unfortunately the teams backed away from an independent series, the main problem being that those with the most power in F1 are those who don't need the cost cutting measures to survive.
The spec engine threat will never happen, there is too much money involved in demonstrating some sort of technical edge. Currently engines are a major part of the budget because it's the place where most benefit can be gained. No longer can teams come up with interesting ideas which gain performance, the rules prohibit anything other than masses of R&D at pseudo spec technology.
I don't want to see the WDC go to the team with the best accountants so I don't think a flat limit on expenditure is a good idea either.
You could put a salary cap on drivers per team. But that will stop all a future version of the Prost/Senna battles at MacLaren. On the other hand that would make teams pick a young (cheap) driver to pair with the expensive one who just took 90% of the budget.
Max wants F1 to remain at the forefront of technological development so he'll have to let the teams pay for it.
That said, I think making engines available to independent teams was a reasonable step. It helps make F1 more competitive by reducing the advantage of the extra investment. Taking the idea further by increasing the requirement for parts to last multiple races twinned with limiting engines to around 12,000 rpm might also help.
So I'm all for relaxing the rules to allow ingenuity and remove Bernie and his bottomless pockets. But then what do I know
