But you’re right that it has gotten far safer. Drivers walk away from horrific crashes at insane speeds.
And modern cars despite being less powerful post lap times that boggle the mind. The aero is bonkers. Drivers regularly pull 5G laterally in corners. If it weren’t for rules, I bet we’d see cornering blackouts like fighter pilots get.
To understand why F1 is attractive, watch this speed comparison video, it’s 9 years old so more powerful engines, but slower lap times: https://youtu.be/K2cNqaPSHv0
As for rich people ... you can say the same about any sport. Why watch basketball? It’s just a bunch of millionaires running around in shorts
Edit: here’s another good comparison, motogp vs f1 on the same track this year https://youtu.be/NIIJNSdJoNQ