I read something very interesting relating to this (BTW - I do agree - aero is a problem).
Tyres, engines and aero have all come on in giant leaps since (let's say 1967
Take away the wings and you have cars potentially reaching insane top speeds, so you then take away engine power to control that - BUT the modern tyre is so effective that the low power engine will never have the grunt to unstick the tyre - all making for pretty dull action.
OK, it's not that simple, but it illustrates that these things are quite well interwoven and need to be chipped at in a balanced way. I suspect there is still the issue that F1 should still be the fastest way around a road course in the world, so do you have to have a raft of matching regulation changes from Formula Ford up?
Go back to the mid-eighties formula - is it just me, or were those cars very exciting and also produced some pretty good races. I still love the mental image of Red 5, FW11B giving it stick