I´ll post here my own reflections about F1, sorry to bore you
Contrary to first decades, now F1 is no longer a competition between manufacturers where, if none is interested, they don´t bother. Now there are huge economical interests with lots of companies investing millions in advertising, and they need a return for the investment wich put´s FIA in a compromise, contrary to first decades, now they NEED a significant audience
IMHO problem started when they assumed asking for a fee to watch the races (PPV)was a good idea. They assumed the fall in audience would be compensated with the revenue they got from PPV. And probably that was the case in first years, so they did continue with same approach, increasing fees both for audience and for tracks to host a race.
But looks like they didn´t consider (or maybe they did, but that was not their problem as they were only worried by their own/short term income) PPV means audience is limited to those who already enjoy it, but none who is not interested will pay to watch it, what means there will never be new audience, or it will be negligible.
Obviously without new fans any competition is done. How many people do any of you know who like F1 under 20-25 years old? I can count them with one hand. Maybe the problem will not show in 5-10 or even 20 years, but it´s a matter of time.
They´ve been compensating this problem increasing ticket prices, asking for money even for tests, increasing fees for tracks, etc. but obviously this is not any solution, they´re only feeding the snowball effect
Now they´re trying a different approach, a change in the rulebook. I like the cost cap, but sincerely I don´t think that´s the root of the problem. Dominating teams have always exist in F1. But I take it, I think it will improve both the racing and the show.
Another approach is the change in aerodynamics. I like this one much better (I´ve been asking for this change for decades!), but again, even if it works as expected, if they contiune asking for those high prices both to fans and hosters, they will continue building a huge wall new fans will never be interested to climb.
It´s not a matter of attracting young people, but attracting new fans. Obviously young people are the main target as once they get hooked, they will be fans for many decades. That´s what is saving current F1 IMO, all those fans who got hooked in the 70-90´s are still watching, but we get older and older and without a new fanbase the sport is done. But again, we got hooked because we could watch F1 in TV or attend some GPs because it was affordable. Now young people can´t as prices are now prohibitive, so basically there are no new fans (or almost) for maybe 2-3 decades (since F1 is PPV), and that puts F1 in a critical situation.
Let see if the new rules for next season are worth the effort, I´m sure we current fans will be very pleased with the change, but it will be enough to attract new audience ready to pay current fees? We´ll see