It could definitely be managed better, to optimize for what they seem to be trying to (sport + performance).

Budget caps seems like a cop-out though, as eventually the budgetary rules inherit all the complexity in the current technical rules.

I think some kind of FRAND forced tech licensing / transfer + shared manufacturing would be an interesting solution. Whereby a hyper-optimized solution by a leading team can be licenses (or is outright open sourced) for the next season. And similarly, where all builders have access to a neutral manufacturing facility (a la TSMC).